Employee Benefit Plan Audits

For Employers: Does my benefit plan require an audit?

If your employee benefit plan includes more than 100 eligible participants, federal law may require hiring a qualified, independent auditor to provide an audit report.

Whether you are approaching the 100-participant baseline or are concerned about the quality of a previous audit, the auditor you choose is a serious decision. The Department of Labor has increased scrutiny and enforcement of penalties for deficiencies in plan administration. Rejection of a Form 5500 can cause cost time and money — not to mention employee trust.

Rudler, PSC performs dozens of audits across a variety of benefit plans every year, so you gain our knowledge plus the efficiency and attention of a mid-sized independent public accounting firm. We have a dedicated team and membership in the AICPA Employee Benefit Plan Audit Quality Center, an industry standard for top EBP auditors. Ongoing training ensures that our auditors can inform you of legislative changes and other information vital to proper plan administration throughout the year, filing deadlines and compliance. You don’t need to switch CPA firms. Just contact us to discuss your EBP audit needs and we’ll guide you through the process.

What are common benefit plan administration mistakes? Review our 401(k) plan checklist as a guide to discuss compliance concerns with our audit team.

For Small CPA Firms: What if we only do a few EBP audits a year?

If you are concerned about your future ability to perform EBP audits for clients due to changes in DOL audit standards, Rudler can help. As your audit partner, we will deliver a seamless experience at competitive rates. You retain your clients.

Our audit team has the capacity to perform dozens of EBP audits a year in accordance with the stricter DOL audit standards. Following an audit, we can provide reports to your clients about important findings and recommendations. If we come across deficiencies during an audit, we can discuss those with you and your clients.

An EBP audit is a valuable service you can provide to your clients while avoiding the risks of noncompliance with the Department of Labor. Talk to our team at Rudler about options to outsource or refer EBP audit engagements.

For more information, contact David Neuhaus, CPA or Chris Guidugli, CPA at 859-331-1717.