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Employee Benefit Plan Audit – Updated

Qualifying benefit plans require an annual audit to comply with federal regulations. We provide guidance on benefits administration to help you comply and avoid fees and penalties.

The Department of Labor and the 1974 Employee Retirement Income Security Act have established strict guidelines that govern the administration of benefit plans. Plan sponsors have a fiduciary responsibility to their employees to carefully manage the benefits program, which requires in-depth knowledge. The risks of non-compliance can also be costly, leading to the need for an experienced advisor.

That’s where Councilor, Buchanan & Mitchell (CBM) comes in. Our employee benefit plan team has developed the expertise that comes from having audited dozens of plans in recent years. As your profession services advisor, we carefully review and analyze the complex operations of your plan to establish compliance.

CBM has experience auditing different benefit plans for both not-for-profits and for-profit companies. In addition to establishing your level of compliance, we also make recommendations for improved internal controls to maximize the performance of your plan.

As a long-time member of the AICPA’s Employee Benefit Plan Audit Quality Center, CBM has real-time access to the most current guidelines about audit procedures. This ensures that when you choose CBM as your service provider, you can feel confident that the audit engagement will incorporate up-to-date procedures and provide you with the most relevant insights and guidance for your benefit plan in today’s regulatory environment.

CBM has experience auditing numerous types of benefit plans including:

  • 401(k) plans
  • 403(b) plans
  • Defined benefit plan
  • Defined contribution plans
  • Health and welfare benefit plans
  • Stock ownership and profit-sharing plans

Consider reaching out if your plan qualifies for an audit. We look forward to the opportunity to help.

Form 5500 and Benefit Plan Audits

The complex reporting requirements associated with an employee benefit plan audit are essential for filing an accurate Form 5500 for your organization. The IRS Form 5500 series, filed by organizations that sponsor a retirement plan governed by ERISA, provides the IRS and the Department of Labor with information about your company’s plan including details about its operation and compliance with federal regulations. Both large and small organizations are required to file depending on the structure of their retirement plan.

CBM and the Greater Washington Society of CPAs Employee Benefit Plan Conference

CBM Partner Julia Lafferty has served as co-chair of the employee benefit plan conference of the Greater Washington Society of CPAs in 2022 and 2023. In this role, she has participated as a panelist during the “Ask the Experts” conference panel and helped to develop topics for the program agenda, delivering current guidance about audit procedures associated with benefit plans to attendees. Each year, CBM also supports the GWSCPA conference by sending 10 team members to gain current knowledge from industry peers, ensuring that the expertise governing audit engagements for the firm’s clients remains up-to-date.

What Clients Have to Say About Our Employee Benefit Plan Audit Expertise

One valuable aspect of working with CBM is the advice and resourcefulness of its professionals throughout periods of transition. Over the years, we’ve experienced changes in leadership, undergone major real estate transactions, and adapted to shifts in accounting standards and practices. Through it all, CBM has remained a steadfast partner, seamlessly guiding us through these changes and ensuring our financial well-being. CBM has been an integral part of the Washington Center’s success story. We look forward to continuing our partnership for many more years to come. – The Washington Center

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