Employee benefit plans represent an industry unto themselves. The numerous different plans  and related reporting requirements are complex and typically beyond the comfort zone of all except plan experts. EBPs are subject to ERISA. ERISA and tax rules are interrelated to a great extent. ERISA is administered by the Department of Labor (DOL), the Pension Benefit Guaranty Corporation (PBGC), and the Department of Treasury (DOT), of which the IRS is a part. Finally, the Form 5500 satisfies the reporting requirements of ERISA, the IRS, and the PBGC. Additionally, plans which exceed certain membership thresholds are required to have their financial statements audited on an annual basis.

Most commonly, small businesses maintain 401(k) plans for their employees. Should the size of the plan require that an audit be performed, the financial statements will be subject to specific reporting rules, and the audit must be completed in accordance with standards that apply only to such plans. This requires an auditor who is knowledgeable about these technical areas as well as the requirements of ERISA, the IRS, and the DOL.

We have significant experience working with the audits of employee benefit plan financials. We perform these audits for existing clients as well as for companies that we don’t serve otherwise. If you think you may have an audit requirement in this area, please give us a call.