Five Questions To Ask Your Employee Benefit Plan Auditor

An employee benefit plan audit is essential for protecting your plan and the people who rely on it. A thorough audit helps you safeguard plan assets and stay compliant.

On the other hand, if an audit isn’t performed well, mistakes can lead to expensive consequences. Errors in the audit process can trigger rejected Form 5500 filings, penalties that accumulate until corrected, and even regulatory scrutiny.

As a plan sponsor, you’re responsible for making sure the process is handled correctly, and that starts with choosing a CPA firm that has the right experience and technical expertise.

The challenge? Many firms say they “do” benefit plan audits, but not all have the knowledge or resources to do them well. And choosing the wrong firm can put your compliance (and your company’s reputation) at risk.

So how do you know if a firm is equipped to handle your plan? Start by asking these five questions that reveal whether the firm has the experience, focus and tools to protect your plan.

1. How many benefit plan audits does the firm conduct on an annual basis?

Any firm will likely tell you that they have experience in employee benefit plans. But the numbers matter.

A firm that completes a large number of benefit plan audits each year has likely encountered a wide range of scenarios (like complex plan structures and common filing errors) and knows how to navigate them. High-volume experience often means the team has established processes, uses specialized tools and stays updated on regulatory changes. All of these characteristics can reduce the risk of mistakes in an audit.

If a firm only handles a few audits annually, that’s a warning sign. Limited experience can lead to overlooked details, delays in resolving issues, and even penalties if your Form 5500 is rejected. Asking this question upfront helps you avoid unnecessary risk and choose a firm that can deliver accuracy, timeliness and compliance.

2. Is the firm’s employee benefit plan audit practice a focus area for the firm? Or is it more of an ancillary offering?

This question helps you understand how much priority the firm places on employee benefit plan audits. When audits are a core focus, the firm typically invests in specialized training, dedicated staff and strong quality controls (all of which reduce the risk of errors and rejected filings).

If benefit plan audits aren’t a primary focus for the firm, they may not dedicate the same level of resources, training or oversight to the process. That can increase the chances of missed details and compliance issues. Asking this question helps you confirm whether the firm prioritizes audit quality and has the structure in place to protect your plan.

3. Are they members of the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC)?

The EBPAQC is a professional program designed to raise the quality of employee benefit plan audits. Member firms publicly commit to higher standards, ongoing education and access to specialized guidance and tools.

Employee benefit plan audits involve unique rules and risks, so having those resources helps a firm’s auditors stay informed. Firms without these resources may not be as equipped to resolve complex issues or keep up with changing requirements, making it harder to ensure accuracy and compliance.

4. What are the firm’s training requirements for practitioners that perform audits of employee benefit plans?

Training requirements show how seriously the firm takes audit quality.

Employee benefit plan audits aren’t like standard financial statement audits. They involve unique rules, reporting standards and compliance risks, and auditors need specialized knowledge to navigate these complexities.

Firms that require ongoing, targeted training help ensure their team understands current regulations and best practices, reducing the chance of errors or delays. If training isn’t a priority for a firm, your plan could face compliance issues and penalties.

5. What technical resources are made available to the firm’s benefit plan audit practitioners?

The tools and support behind the audit team matter just as much as their experience.

Specialized software, research databases and access to expert guidance help auditors catch issues early, apply the right standards and resolve complex questions quickly.

Without these resources, audits can drag on, rely on outdated methods or miss critical details. Knowing what resources a firm provides helps you confirm that they have the right infrastructure to deliver an accurate, timely audit that protects your plan.

Learn More About Choosing an Employee Benefit Plan Auditor

Plan sponsors need to critically evaluate the skills, qualifications and experience of the CPA firm that audits its plans. Both parties play an important role in protecting plan assets, plan participants and beneficiaries.

To learn more about having a successful employee benefit plan audit conducted, or to discuss your plan’s needs, contact your Warren Averett advisor directly, or ask a member of our team to reach out to you.