The Employee Benefit Plan Audit Quality Center (EBPAQC) recently released its sixth Plan Advisory, The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit.” The intent of this Plan Advisory is to provide insight to plan sponsors, administrators and trustees as to the importance of hiring a quality audit firm to perform your employee benefit plan audit. The Plan Advisory also includes information useful in selecting a quality audit firm, such as the risks to plan sponsors if a quality audit is not performed and evaluating auditors’ qualifications. .
While an audit of an employee benefit plan is required by the Department of Labor (DOL) and other interested parties, engaging a quality audit firm can benefit other aspects of your plan. For instance, an audit may assist management in streamlining plan operations and improving internal controls as well as meeting its fiduciary responsibility.
There are potential risks associated with deficient filings. The DOL has the right to assess penalties up to $1,100 per day, without limit. Having your audit performed by a firm that is well versed in employee benefit plans and their reporting requirements is one way to help avoid such deficient filings.
As a member of the EBPAQC, Schneider Downs understands the importance of performing quality audits of employee benefit plans and currently performs approximately 250 annually. We train our professionals throughout the year on the uniqueness of employee benefit plan auditing. As a result, our highly trained professionals possess significant experience and expertise pertaining specifically to performing audits employee benefit plan audits. For a complete copy of the Plan Advisory, please click here.
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