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Home > Services > Audit and Assurance > Employee Benefit Plans

Employee Benefit Plan

The Employee Benefit Plan (EBP) Audit Team provides benefit plan audit services to a variety of clients in several different industries. Our areas of expertise include but are not limited to the following plan audits: 401(k), 403(b), defined benefit pension, employee stock ownership (ESOPs), profit-sharing, and health and welfare. The EBP Audit Team is also well familiarized with ERISA, tax, and DOL laws and regulations.

ERISA generally requires plans with 100 or more participants at the beginning of the plan year to have an audit of the financial statements. It is important for plan administrators to obtain a quality audit, which helps to ensure the financial integrity of a plan, protect plan assets, and aid the plan administrator in carrying out its legal responsibility to file an accurate annual return. Our clients can be assured that we accept no commissions from Third Party Administrator (TPAs) or investment managers for the plan audits we perform.

In November 2007, the DOL issued regulations requiring retirement plans sponsored by charitable organizations and schools under Internal Revenue Code 403(b) and covered under ERISA will be subject to the same reporting and audit requirements that currently exist for section 401(k) Plans.  Plans with more than 100 participants will be required to file audited financial statements with their 2009 Form 5500 filing.  BCS understands that these regulations and a retirement plan audit may be new to your entity.  We are prepared to guide you through these new reporting requirements and are available to answer any questions you may have. 

Our firm is a member of the American Institute of Certified Public Accountants’ (“AICPA”) Employee Benefit Plan Audit Quality Center. This Center was established to promote the quality of retirement plan audits. Membership of the Center requires us to demonstrate high quality audit services, obtain minimum amounts of continuing education, and include plan audits in our peer review process. The EBP Audit Team welcomes the opportunity to provide our expertise in this area of audit service to meet your employee benefit plan needs.

For more information regarding our audit services, please contact us.

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