Employee Benefit Plan Audits
The United States Department of Labor (“DOL”) generally requires employee benefit plans (“EBP”) with 100 or more participants to have an audit as part of their annual Form 5500 filing. Employee benefit plan audits are unique in several ways. Most importantly, employee benefit plan audits should do more than support financial statements, EBP plan audits should also evaluate plan operations. These unique attributes of employee benefit plan inquiries require an intimate knowledge of the specific plan being audited, the Employee Retirement Security Act of 1974 (“ERISA”), the disclosure and disclosure requirements of the Department of Labor of the United States, in addition to generally accepted accounting principles and the AICPA audit rules The employee benefit plan accounts represent an area of significant opportunity for auditors. In an article published in April 2020, Accounting Today reported that there are currently more than 83,000 audits of employee benefit plans conduc...