Employee benefit plans audits should be conducted by a CPA to ensure your company’s plan is compliant and meeting all ERISA regulations. Companies that provide employee benefits to 100 or more employees are required to have an annual independent audit. However, not all CPAs are equipped to perform the audit correctly in accordance with the Internal Revenue Code standards. Pisenti & Brinker LLP specializes in employee benefit plans for St.Helena businesses. As a member of the AICPA’s Employee Benefit Plan Audit Quality Center, we’re committed to adhering to the highest quality standards. Our team undergoes continuous training. This ensures we are providing you with the most accurate audits and up-to-date recommendations.
Employee benefits plans audits typically scrutinize each aspect of the company’s benefit programs, including 401(k)s, profit-sharing, stock options, pension plans, and health care. These audits are legally required by the Department of Labor (DOL) to be performed annually. The penalties of failing an audit can be serious, so it’s essential to work with an experienced employee benefits plans CPA that has the requisite training. Beyond compliance, audits can also be an excellent opportunity for companies to identify areas of improvement in spending and management.
Rules They Must Follow
Employee benefit plans must meet the following Department of Labor rules and regulations:
- Every eligible employee is given the same opportunity to participate
- The assets of the plans are fairly valued
- Contributions have been made in a timely manner
- Participant’s accounts are accurate and fairly stated
- All issues that may affect the plan’s tax status are identified
Some audits are found to be deficient due to the failure of auditors to conduct tests in areas that are unique to employee benefit plans. We understand that employee benefit audits are more than examining the plan’s investments or checking if the numbers are correct. Our plan auditors receive extensive training in employee benefit audits and have extensive ERISA knowledge that can benefit your business throughout the year.
An audit doesn’t need to be a source of stress. It’s an investment that helps protect the financial integrity of your benefit plans by ensuring the funds will be available to pay the promised benefits to participants and beneficiaries. Our employee benefit plans CPA can also help you identify potential areas to save money. Aided by our dedicated CPAs, you can feel assured that your company will be able to pass the required audit. You’ll also be able to make sound financial decisions regarding your benefits plans. We also offer comprehensive CPA services to aid St. Helena businesses, including valuations, risk management, income tax planning and compliance, and more. Contact us today at 707-963-9910 to schedule a consultation or send us an email at info@pbllp.com.