Employee Benefit Plans Audit

Your employees are one of your most important assets, and retirement and pension plans are among your employees’  biggest concerns. Sound employee benefit plans can help secure top talent for a company. That’s why making sure your benefit plans are meeting all regulatory and compliance requirements is so important. The Employee Retirement Income Security Act (ERISA) and other regulations have put profit sharing, pension, and health plans under significant scrutiny from the U.S. Department of Labor and the Internal Revenue Service. As you confront the annual challenge of auditing your company’s benefit plan, you want to work with experts who have a solid history of experience and specialize in this area. Our expert team can make the challenges and frustrations of benefit plan audits become a straight-forward and reassuring process.

Employee benefit plans are subject to the financial reporting requirements of the Employee Retirement Income Security Act of 1974 (ERISA). ERISA contains a requirement for annual audits of plan financial statements by an independent qualified public accountant. Generally, plans with 100 or more eligible participants are subject to the audit requirement. There are single employer plan audits as well as Multi-employer plan audits.

Plan sponsors are faced with increased responsibility. Your plan auditor needs significant industry experience and an audit approach that fits your needs. Multi-employer plans are facing new challenges, greater responsibilities and increased scrutiny.

At Smolin Lupin Co, our goal is to perform a quality ERISA audit while assisting management to improve plan operations and stay up-to-date with current industry developments. Our service goes beyond providing an audit of the financial statements. Our industry knowledge allows us to share recommendations to improve the administration of the plan.

An ERISA audit requires experienced accountants with the specific skills to conduct such audits. As members of the AICPA's Employee Benefit Plan Audit Quality Center, all ERISA auditors are required 8 hours of CPE tri-annually. At Smolin Lupin, we literally spend thousands of hours each year keeping up to date with all the changes the DOL and IRS issue.

Our partners and senior staff are actively involved in each ERISA audit engagement. You will see the same people on your audit year after year. Your plan will not be a training ground for new or untrained staff. We have significant depth of knowledge related to ERISA audits. Our dedicated ERISA audit team members are highly trained in the latest audit and ERISA regulations.

We have staff that is dedicated to benefit plan audits, your work is their most important priority. Professionally completing the audit of your plan is very important to us. We are proactive in managing our ERISA audits, we make sure that we work efficiently, that our audit procedures are thorough, and that your deadlines are met. We work with a wide variety of plan administrators and fund managers. We communicate with them directly when questions may arise.

Our Employee Benefit Plans Team: