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An EBP audit is an examination of the plan’s financial statements, reporting on the EBP’s financial standing and general information about the plan. Federal law requires most employee benefit plans with more than 100 active participants to have an independent audit of the plan’s financial statements and to include the audited financial statements with the annual form 5500 filed with the Department of Labor (DOL). For calendar year-end plans on extension, the filing deadline is October 15th. Significant penalties can be levied by the DOL against plan administrators and sponsors for deficient and or late filings.
One of the most important decisions a plan administrator can make as part of their fiduciary duties is selecting a qualified, independent auditor to perform the plan audit.
Visit our blog to learn more about choosing the right CPA firm to
audit your employee benefit plan
An annual audit may be an unavoidable cost of doing business, but it doesn’t need to be a difficult process. At Reynolds + Rowella, we understand the complex challenges that plan administrators face and we are committed to providing quality EBP audits - helping our clients through the audit process, while offering the advisory tools necessary to stay compliant. We know employee benefit plans and we can help.
Contact us today to schedule an intro call with our Audit Team. |
