An audit of an employee benefit plan involves the examination of financial statements provided by a third party to the DOL, plan management and plan participants. The primary focus of an employee benefit plan audit is to accurately gauge the ability of the plan to cover current and future benefits and payments.

An employee benefit plan audit can be a complex undertaking. The plan’s financial reporting and the audit environment both provide unique factors that make this process much more complex than a standard audit. The expert audit team at Warren Averett has decades of relevant experience in auditing plans with consideration of unique factors, including:

• Regulations of the Internal Revenue Service (IRS) and Department of Labor (DOL)
• Federal and state laws
• Special reporting and audit requirements
• Nature of the plan operations

Other ways that Warren Averett’s team can assist your EBP audit process is through connecting you to our professionals who can perform a Form 5500 review. An important tool in ERISA’s disclosure and reporting framework, the Form 5500 provides federal agencies with an annual report that includes information concerning the benefit plans offered by employers, and the finances and operations of these plans.

What We Do

An employee benefit plan audit is an important requirement and step in satisfying your responsibility of an accurate and complete Form 5500. Employee benefit plan audits have unique and complex reporting requirements that are different from financial reporting requirements.  

Here are a few examples outlining when our services could benefit your company: 

• You need employee benefit plan audit services
• You need help interpreting the recent standards introduced by the American Institute of Certified Public Accountants (AICPA)
• You need to assess the consistency of your Form 5500 in conjunction with your plan’s financial statements
• You need to identify items on your Form 5500 that may be a triggering point for the DOL
• You need to understand additional conditions for small pension plans established by the DOL in 2021
• You need a Form 5500 review.

With Warren Averett’s extensive experience in Benefit Plan Audits, you can be assured you are meeting the government’s current standards for your benefit plans.

Let us serve as your guide, ensuring you are meeting the government’s complex accounting rules and keeping up with rapidly changing requirements.

Here are the types of benefit plan audits we provide:

• Defined Contribution Plans
• Defined Benefit Plans
• Health and Welfare
• 401(k) plans
• 403(b) plans

In addition, Warren Averett can review your Form 5500.