Whether you’re a public, private or nonprofit organization, you want to be certain your employee benefit plans are providing maximum value while meeting all compliance regulations. That requires experienced audit professionals with exceptional experience in working with employee benefit plans.
The dedicated professionals in our Employee Benefit Plan Audit Group perform financial statement audits for all types of retirement and employee benefit plans – for public, private and nonprofit organizations. We audit defined contribution, defined benefit and health and welfare plans that range in size from just under $1 million to $750,000,000. Each of the team members in our group has significant experience auditing benefit plans and is assigned to a minimum of six plan audit engagements over the course of the year.
Our in-depth understanding of the Internal Revenue Service (IRS) and Department of Labor (DOL), as well as the rules, regulations and auditing standards governing employee benefit plans, allows us to provide you an accurate and beneficial audit. Because of our vast experience in the audit process, we clearly identify areas of deficiency and assist in streamlining administration of your plan.
If your organization's benefit plan and Form 5500 preparation doesn't require a complete audit, we can provide year-end accounting for the plan. This results in accurately prepared statements to all plan participants that reflect their account activity for the year. This information can be used to complete your required government filings. For a calendar year-end plan, the initial due date for Form 5500 and the related audit is July 31. If you can’t meet that deadline, you can file a two-and-a-half month extension, which brings the due date to October 15.
ERISA requires that an audit be performed on most benefit plans with more than 100 eligible participants. The auditor is required to be an independent accounting firm, one that is independent not only of the client but also of whomever is administering the plan and holding the investments.
If a company fails to have an audit performed, it will be faced with penalties from the DOL and the IRS, which can get very steep. If you fail to file at all, the penalties can be up to $30,000 per year per plan. And, a deficient filing can result in penalties of up to $50,000 per year per plan.