Lindsey Homan, CPA shares how you can prepare for an employee benefit plan audit.

Who is required to have an audit of their employee benefit plan?

The Employee Retirement Income Security Act of 1974 (ERISA) requires annual audits for companies that have 100 or more eligible participants in their 401(k) plan. If this sounds like your company, let’s make sure you are prepared for your upcoming audit.

How to prepare for an audit

It is important to be ready for an audit before your a Read More >>

Sheri Terens, CPA has information you may not know about the standards of EB Audits:

 

 

The Department of Labor requires that certain retirement plans be audited annually according to the auditing standards of the AICPA. These standards are designed to protect the retirement savings of millions of Americans. It is the responsibility of CPA firms to uphold the integrity of these standards.

You may think you have done your due diligence by getting an employee bene Read More >>

According to Sheri Terens, CPA, a deficient employee benefit plan can have grave results:

 

 

An overwhelming amount of employee benefit plan audits are deficient, according to a new report issued by the United States Department of Labor (DOL). From a sample of 400 plan audits, 39% of the audits contained major deficiencies with respect to one or more relevant auditing standards. These deficiencies put plan assets and participants at risk.

Generally, the Emplo Read More >>