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Assurance Services

Employee Benefit Plan Audit Services

Performing audits of employee benefit plans requires expertise not found in many accounting firms.

As a member of the American Institute of CPAs’ Employee Benefit Plan Audit Quality Center (EBPAQC), and the Maryland Association of Certified Public Accountants (MACPA) employee benefit plan committee, we are committed to staying current on industry knowledge via professional continuing education and adhering to the highest quality standards by voluntarily agreeing to the EBPAQC membership requirements, which include designating a partner responsible for our employee benefit plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.

Employee Benefit Plan Audit Services

Our employee benefit plan audit services include:

  • Limited and Full-Scope Audits for:
    • 401k plan audits
    • 403b plan audits for not-for-profit organizations
    • Defined benefit plan audits
  • Employee stock ownership plan audits
  • Preparation of Form 5500
  • We perform these employee benefit plan services for our audit and tax clients, as well as clients of other firms that do not have the necessary expertise.
  • We maintain close working relationships with third-party administrators, trusts, record-keepers and certifying institutions, which reduces costs.

It’s never too early to begin preparing for an audit of your company’s retirement plan. Generally, Federal law requires employee benefit plans with 100 or more participants, as defined by ERISA, to have an audit as part of their obligation to file Form 5500.

Companies that are required to have an audit of their employee retirement plans must have it submitted with Form 5500 by the last day of the seventh month after the end of the plan year, with an optional 2.5 month extension.

Audits of financial statements of employee benefit plans must be performed not only in accordance with professional auditing standards, but in accordance with the Federal guidelines established by the U.S. Department of Labor under ERISA.

Plan Sponsors often fail to recognize when an audit is required due to a misunderstanding of the “80-120 Participant rule” and an incorrect computation of “eligible” participants as defined by ERISA.