Conducting an Employee Benefit Plan Audit

Top rated Wichita group health insurance and employee benefit broker

An employee benefit plan is a necessity for any thriving business. It helps a business attract and retain hardworking employees. To ensure that these benefits are fair and controlled, there are audits conducted periodically. These audits entail different elements and are solely for the purpose of reviewing financial statements for future improvements and equality.

To conduct an audit of your employee benefit plan properly, it is wise to hire an organization with expertise in this sector. For example, the BDO offers audits tailored to your specific plan or package. Through a streamlined process, they’ll have the ability to handle and examine the following:

  • Centralized and decentralized accounting and HR environments
  • Mergers, acquisitions, plan spin-offs
  • Hard-to-value investments
  • Working with internal audit to increase audit efficiency
  • Current and pending regulatory and accounting pronouncements
  • Partial terminations
  • Initial audits and stub period audits
  • DOL and IRS investigations
  • ERISA compliance matters
  • Various DOL and IRS correction programs

    • Are you looking for an Employee Benefit Plan Audit? Click the quote button to get an instant quote.

    As part of the employee benefit plan audit, professional reviewers are capable of dealing with most health and employee benefit plans and filing requirements. This may include:
  • Defined contribution retirement plans including 401(k) and 403(b) arrangements, profit-sharing plans, money purchase pension plans, stock bonus and employee stock ownership plans, and certain target benefit plans
  • Defined benefit pension plans
  • Union-represented plans
  • Multiemployer plans
  • Multiple employer plans
  • Health and Welfare plans
  • Master Trusts
  • SEC 11-K Filings
  • Full-scope audits
  • Limited-scope audits

    • An employee benefit plan audit is an important part of the AICPA’s plan for improving audit quality.

    The AICPA’s 6 Point Plan

  • Pre-licensure
  • Standards and ethics
  • CPA learning and support
  • Peer review
  • Practice monitoring of the future
  • Enforcement

    • Conducting an employee benefits plan audit is worthwhile to your firm and the auditors. It only helps enhance employee benefits and make for a brighter future.

    Written by Todd Taylor

    Todd Taylor

    Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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