Read more about the current Greenbook proposals. ...
This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.
What are the most common questions related to employee benefit plan audits?
Employee benefit plan audits are required for a majority of plans that are covered by the Employee Retirement Income Security Act of 1974 (ERISA). With an increased scrutiny on employee benefit plan audits, the Schneider Downs ERISA group has prepared a ERISA Audit FAQ Guide to help parties better understand the requirements and types of benefit plan audits.
The guide covers several topics including the required filings, characteristics to look for in an audit firm, and advice on preparation for an audit, with additional questions including:
What reporting and disclosure requirements are associated with a plan subject to ERISA?
There are a number of different federal reporting and employee disclosure requirements associated with maintaining a benefit plan that is subject to ERISA. While many of these requirements are consistent across all types of ERISA plans (Form 5500 reporting, for example), others depend upon a plan’s specific provisions and features.
To assist plan sponsors with identifying their reporting and disclosure responsibilities, the Department of Labor has published a Reporting and Disclosure Guide for Employee Benefit Plans, which can be found at https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/reporting-and-disclosure-guide-for-employee-benefit-plans.pdf
When is an audit of an employee benefit plan required?
Generally, employee benefit plans with 100 or more participants (includes eligible, but not participating as well as separated employees with account balances) are considered to be “large” plans and are required to have an audit performed on an annual basis. Plans with fewer than 100 participants (“small” plans) generally do not require an audit to be performed.
What are the five most common tips for a successful employee benefit plan audit?
You can view the complete FAQ at www.schneiderdowns.com/erisa-frequently-asked-questions and download the PDF version here.
About Schneider Downs ERISA
The Schneider Downs ERISA audit practice consists of a service model that is not limited to attest services, but includes providing support and oversight to clients, year-round access to experts, annual education seminars for clients that includes both regulatory and accounting updates, and more. For more information, visit www.schneiderdowns.com/audit-assurance-services-employee-benefit-plans.
Read more about the current Greenbook proposals. ...
Learn more about the regional and national supply chain implications of the Baltimore Key Bridge collapse. ...
We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.
Ask us
[email protected]
p:412.261.3644
f:412.261.4876
[email protected]
p:614.621.4060
f:614.621.4062
[email protected]
p:571.380.9003