Protecting Plan Participants and Sponsors
Whether an employee benefit plan must attach an independent audit report to Form 5500 depends on plan type and the applicable filing-category rules. Beginning with 2023 plan-year filings, defined contribution plans generally count participants with account balances at the beginning of the year; new plans use the end-of-year count, and the 80-to-120 participant rule can preserve the prior year's filing category.
Our benefit plan audit practice provides thorough, efficient audits that meet DOL requirements while providing valuable insights into plan operations and compliance.
Plans We Audit
- 401(k) and 403(b) defined contribution plans
- Defined benefit pension plans
- Profit-sharing plans
- Employee Stock Ownership Plans (ESOPs)
- Health and welfare plans
- Multiple employer plans (MEPs)
Our Approach
We understand the specific requirements and common issues in benefit plan audits, allowing us to deliver compliant audits while identifying opportunities for plan improvement.
- Coordination with plan administrators and third-party service providers
- Testing of participant data, contributions, and distributions
- Review of plan document compliance and operational procedures
- Identification of prohibited transactions and compliance issues
- Timely completion for Form 5500 filing deadlines