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Employee Benefit Plan Audits

According to the Department of Labor (DOL) Employee Retirement Income Security Act (ERISA) regulations, an annual audit of certain employee benefit plans must be conducted. The results of this audit are then filed with the Form 5500 and submitted to the DOL. Audits of these plans have become increasingly complex due to new regulations and financial reporting requirements.  It is therefore key that the chosen auditor possess and maintain a keen understanding of these filing requirements and complexities.

At Burdette Smith & Bish, LLC (BSB) we possess and maintain that understanding.  As members of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) we have a dedicated team of auditors who specialize in employee benefit plan audits. Our knowledge of generally accepted accounting principles and ERISA requirements allows us to provide independent insights, which will assist in mitigating risks while adhering to regulatory requirements. Our careful approach results in a timely filing of Form 5500s with minimum stress.

At BSB, our services include audits of:

  • 401(k) plans (BSB 401(k) plan audit Q and A)
  • 403(b) plans
  • Profit sharing plans
  • Pension Plans
  • Safe Harbor 401(k) Plans
  • Multiple- Employer Plans
  • Prevailing Wage (Davis-Bacon) Plans

We also provide:

  • Documentation and explanation of operational compliance issues
  • Consultation on Correcting Identified Noncompliance Issues
  • DOL representation
  • AICPA Employee Benefit Plan Audit Guide-Based Work
  • Form 5500 filing
  • 401(k) CPE Opportunities

Our objective for an EBP audit is not only to ensure that your plan is in compliance with the IRS and DOL’s regulations and requirements but also to provide consulting and financial planning to ensure that you are minimizing your costs and risks. We are flexible with our work schedule; most of our audits take place between February and August along with the choice of an off-site or on-site audit to best fit your needs.

Click here to download BSB Employee Benefit Plan Audit

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