Employee Benefit Plan Audits

Does my benefit plan require an audit?

If your employee benefit plan includes more than 100 eligible participants, federal law requires 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 disruptions in time and resources — not to mention employee trust.

Rudler, PSC has performed audits across a variety of benefit plans for more than a decade. We have a dedicated team and membership in the AICPA Employee Benefit Plan Audit Quality Center, which sets industry standards according to federal law and DOL requirements. Ongoing training ensures that our auditors can inform you of legislative changes and other information vital to proper plan administration, filing deadlines and compliance.

Rudler can act as an employee benefit plan advisor in other ways:

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  • Consulting on timely participant communications (defined benefit or defined contribution)
  • Advising you on handling former employee assets or retiree benefits
  • Proper internal controls procedures and record keeping throughout the year
  • Same technology as large firms to test areas of concern
  • Representation for missed deadlines or penalties
  • Methods to minimize business disruption during the audit

Following an audit, we can provide reports to your management team of important findings and recommendations. If we come across deficiencies during an audit, we help the plan sponsor find a solution. To us, plan administration goes beyond a government requirement. We help you stay efficient and give participants the tools to plan their future. It’s your future, too.

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