Federal law generally requires that employee benefit plans with 100 or more participants have an audit as part of their obligation to file an annual return/report (Form 5500 Series). If your employee benefit plan is required to have an audit, it is the plan administrator’s duty to hire an independent qualified public accountant, and to ensure that the plan has obtained a quality audit in accordance with ERISA and DOL requirements.
A quality audit will help protect the assets and the financial integrity of your employee benefit plan and help you determine whether the necessary funds will be available to pay retirement, health, and other promised benefits to your employees. A quality audit will also help you carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year.
Stanfield + O’Dell has a team of professionals that specialize in employee benefit plan audits.
Services we provide include the following:
- Defined benefit plan audits
- 401(k) plan audits
- 403(b) plan audits