Discover 7 Things To Look For In Your Benefit Plan Audit Specialist
Download our whitepaper to uncover essential insights into selecting the right Benefit Plan Audit Specialist for your company.
A specialist will make the benefit plan audit process easier for you
Many CPA firms will list benefit plan audits under a long list of services they offer. The truth is, a benefit plan audit isn’t your typical audit. There are nuanced requirements and strict standards that must be followed.
The Advantages of Hiring a Specialist
Enhance Your Audit Process with Expert Oversight
Did you know that:
- The DOL and IRS utilize data analytics and algorithms to analyze Form 5500s for mistakes, errors and potential non-compliance.
- There are privacy and cybersecurity concerns Plan sponsors must consider to ensure that their participants’ data is kept secure.
- Many CPA firms outsource audit work to third-parties or employees not located in the USA.
- The Department of Labor audits the auditors. If the DOL finds the audit is not conducted in accordance with standards, they can reject the Plan sponsor’s Form 5500 subjecting the Plan sponsor to fines and penalties.
Think about it:
Would you feel comfortable with an audit of your benefit plan that was done by an inexperienced CPA, who does not specialize in benefit plan audits and who may not have knowledge regarding the compliance requirement of the DOL, IRS or ERISA?
Make the right choice:
By choosing the right Benefit Plan Audit Specialist you can rest assured that your plan’s best interests are being kept in mind including whether:
- Plan assets covered by the audit have been fairly valued
- Plan obligations are properly stated and described
- Benefit payments were made in accordance with plan terms
- Issues were identified that may impact the plan’s tax status
- Just as important, your participants, their information and your organization are
being protected by having a benefit plan auditor who knows accounting, auditing
and the compliance rules.
Download Our Whitepaper
Download this whitepaper today to learn why finding the best possible benefit plan audit specialist, the first time, will make a difference not only to your company, but more importantly, your employees.