EMPLOYEE BENEFIT PLAN (EBP) AUDITS

Department of Labor (DOL) and Employee Retirement Income Security Act (ERISA) requirements make employee benefit plan audits very complex and place them outside of standard accounting services.  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 the plan, protect plan assets and aid the plan administrator in carrying out its legal responsibility to file an accurate annual return. By answering two questions, we will demonstrate our commitment and investment to this highly specialized service.

WHY CHOOSE BCS AS YOUR PLAN AUDITOR?

  • All members of the EBP audit team are CPAs.  There will be a CPA supervising all aspects of your engagement: planning, fieldwork and conclusion.
  • All members of the EBP audit team are well familiarized with ERISA, tax and DOL laws and regulations.  All members attend continuing professional education classes designed specifically for employee benefit plan auditors each year.  We understand that performing EBP audits requires a specialized team of professionals, not audit generalists.
  • We are a member of the AICPA Employee Benefit Plan Audit Quality Center.  To be a member of this center, we must demonstrate high quality and the highest standards in performing employee benefit plan audits.
  • We have assisted clients in self-correcting operational errors in accordance with IRS approved guidelines.
  • We have experience in assisting clients to navigate a DOL audit with no findings or recommendations.
  • We currently perform audit services for clients with a wide range of plan sizes and complexities, which will bring additional value as we guide you through your employee benefit plan audit. The plan asset size for the plans BCS audits range from $750,000 to $53,000,000, and the number of participants of our clients range from 130 to 1,500.

WHAT TYPES OF PLANS DO THE BCS TEAM AUDIT?

Our areas of expertise include but are not limited to the following plan audits:

  • 401(k) Plan Audits
  • 401(a) Plan Audits
  • 403(b) Plan Audits
  • Defined Benefit Plan Audits
  • Health and Welfare Plan Audits

ADDITIONAL SERVICES

  • Form 5500 Preparation
  • Form 8955-SSA Preparation
  • Form 720
  • Other EBP Consulting