The Department of Labor’s (DOL) Employment Retirement Income Security Act (ERISA) requires an annual audit of certain types of employee benefit plans. The rules and regulations of this audit are extremely complex. It’s crucial that you have a qualified auditor on your side.
Make sure you choose an auditor you can trust. You will be working closely with them throughout the entire process.
Burdette Smith & Bish has years of experience and understands the complex ERISA requirements. We provide audits for a variety of employee benefit plans including:
In addition to employee benefit plan audits, we provide the financial planning and advice needed to ensure your company is minimizing costs and risks wherever possible.
It’s important that you prepare for your audit well in advance. Your Human Resources Department can be a big help during this process, as they have access to employee information such as hire dates, compensation, and schedules for investments and contributions. This information will be reviewed during your audit.
During your audit, you will be required to discuss your company’s policies, processes, and procedures. It’s important to have a clear understanding of your plan and any changes that were recently implemented. This will put your auditor in the best possible position to locate and assess risks.
Identify a person within your company that will be the point of contact for the auditor. This person will need to direct requests from the auditor to the correct person either internally or with a third party administrator (TPA). This person should fully understand their role and responsibilities. They should provide periodic updates so that you can monitor progress throughout the audit.