EMPLOYEE BENEFIT PLAN AUDITS
A well performed audit is vital protection for your employee benefit plan. Generally, federal law requires employee benefit plans with 100 or more eligible participants as of the beginning of the plan year to have an audit filed with its annual Form 5500. If your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire a qualified independent public accountant.
OUM has an extensive background in employee benefit plan audits. We have found that companies who engage us enjoy a reduction in audit fees and an increase in client service. We make significant investments in our relationships with employee benefit plan clients.
Some key benefits of working with OUM include:
- Ongoing partner and manager involvement
- Candid and timely communication
- Continuity of experienced professional staff
- Customized audit approach with technical resources of larger alliance firm
The increasing complexity of employee benefit plan auditing and increased scrutiny by the Department of Labor have resulted in a significant number of changes and issues for auditing firms. We provide our staff with comprehensive and ongoing technical training so that they keep abreast of the many issues involved in auditing employee benefit plans. Our firm is a member of the AICPA’s Employee Benefit Plan Audit Quality Center, which is an organization established to promote the quality of employee benefit plan audits.
Our experience includes:
- 401(k) plans
- Profit-sharing plans
- Employee Stock Ownership Plans (ESOPs)
- Cash balance plans
- Limited-scope audits
- Full-scope audits
- Complex and alternative investments
- Plan mergers, acquisitions, and spin-offs
- Full or partial plan terminations
- Initial audits and stub period audits
- ERISA compliance matters
We understand that every employee benefit plan is unique. We look forward to starting a conversation on how best we can serve your plan.