Selecting an Auditor for Your Employee Benefit Plan
If your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent certified public accountant. Employee benefit plan audits have unique audit and reporting requirements and are different from other financial audits.
A qualified CPA with the right expertise is critical to ensure your compliance with ERISA’s reporting and fiduciary requirements. Substandard work can jeopardize plan assets and can result in significant civil penalties. In response to a recent message that was sent out to all plan administrators from the US Department of Labor, we have outlined the capabilities of our firm’s employee benefit audit team:
For more information:
Additional tips for selecting an auditor and monitoring your auditor’s work can be found at the U.S. Department of Labor’s website searching “Selecting an Auditor for Your Employee Benefit Plan,” or at: http://www.dol.gov/ebsa/publications/selectinganauditor.html.
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DS+B is a resource to help you and your plan administrators make sense of the complex regulations. A recent study conducted by the Department of Labor found serious problems with nearly 40% of employee benefit plan audits.
A quality audit will help protect the assets and financial integrity of your Plan and help to ensure that the necessary funds will be available to pay the benefits promised to your Plan’s participants and their beneficiaries. It also helps make sure your Plan is in compliance with the law. Please contact us with your questions – we’re happy to review and discuss your specific situation.