Performing an Employee Benefit Plan Audit in line with the current Generally Accepted Auditing Standards (GAAS) and the Employee Retirement Income Security Act (ERISA) is not a simple task. In a recent survey of Employee Benefit Plan Audits by the U.S. Department of Labor, nearly 4 out of every 10 audits contained deficiencies, with thousands of organizations falling out of compliance.
Barbacane Thornton & Company is well aware of the issues that management and boards must address in accounting, tax, control, and reporting that are unique to employee benefit plans.
Barbacane Thornton & Company routinely conducts employee benefit plan audits for the majority of our clients which enables us to be well-equipped to meet these challenges.
Employee Benefit Plan Audit Services:
An Employee Benefit Audit is an opportunity to review your employee benefit plans and identify areas for improvement in the spending and management of those benefits.
- Audits of 401(k), 403(b), pension, and health and welfare plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor
- Preparation of IRS Form 5500, and summary annual reports
- Assistance with IRS audits of employee benefit plans
- Full scope and limited scope audits for single and multi-employers plans as well as defined benefit plans
- Consulting services related to employee benefit plans
Benefits of an Employee Benefit Plan Audit:
An Employee Benefit Audit is an opportunity to review your employee benefit plans and identify areas for improvement in the spending and management of those benefits.
- An audit is legally required by the Department of Labor (DOL) to be performed once a year for plans covering more than 100 employees
- The penalties for failing to audit, or failing to hire an independent accounting firm to perform an audit, can be serious
- Additionally, the benefits of an employee benefit plan audit go beyond the mere compliance reasons. It should be looked at as an investment to protect against financial fraud and abuse. It also safeguards your assets from both internal errors and employee deception
- Assistance with IRS audits of employee benefit plans