Recently, the American City Business Journals published an article describing the importance of choosing a quality benefit plan audit firm and outlining tips on how to do so. You can read the full article here, and we have summarized some important points below.
- A recent Department of Labor study found that almost 40% of audits had deficiencies that would lead to the plan’s Form 5500 filing being rejected, if not corrected.
- If the Form 5500 filing is rejected, the plan sponsor may be assessed a specified fine until the filing is corrected.
- The study made it clear that, with benefit plan audits, experience matters. The fewer plans a firm audits, the greater the incidence of audit deficiencies. It is a unique practice that requires unique skills and expertise.
Warren Averett, one of the largest accounting firms in the Southeast, is a leader in the Employee Benefit Plan Audit space. Our team conducts over 250 plan audits annually, placing in the top 1% of accounting firms. These plans range in size—up to 9.5 billion in assets, and the department of labor has found zero deficiencies in our audits.
If you are planning for your 2018 audit, we would like to talk to you about simplifying the process and reducing your risk. Learn more about our Employee Benefit Plan Audit services, or contact Missy Herbert, our Lead Employee Benefit Plan Auditor.