Employee Benefit Plan
Audits
Benefit plans are an integral
aspect of many organizations' compensation packages and
retirement planning. As companies grow, so do their number of
employees and accordingly their number of plan participants.
This growth can mean additional reporting and compliance
requirements for companies and their respective benefit plans,
such as annual audits. Employee benefit plan audits include
401(k), 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 (DOL).
In cases where an employee benefit plan is required to have an
audit performed, it is important to engage an appropriate
independent auditor for the plan. A quality audit provides
assurance for both the employer and employee with regards to
the plan integrity, ERISA and DOL compliance, and fiduciary
responsibility of plan assets.
A new development in this arena is that ERISA-covered 403(b)
plans with 100 or more participants generally will be required
to file audited financial statements beginning with their 2009
Form 5500 filing. 403(b) plans with fewer than 100
participants may be eligible to use abbreviated reporting
forms without audited financial statements.
Contact Us
to learn more.
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