Audits of employee benefit plans have become increasingly complex due to new rules, regulations, and reporting requirements. The complexity of employee benefit plan audits requires professionals with specialized audit and accounting expertise.
What Are Employee Benefit Plan Audits?
Employee benefit plan audits are required by the Employee Retirement Income Security Act of 1974 (ERISA) and the U.S. Department of Labor (DOL) for employers with more than 100 eligible plan participants at the beginning of any plan year, and they may be required for some smaller benefit plans.
The plan's sponsor is responsible for complying with these requirements. An incomplete, inadequate, or untimely audit report may result in significant penalties being assessed against the plan's sponsor. Therefore, one of the most important duties of the plan sponsor is selecting an independent auditor for the plan.
What Are the Benefits of Using Hall & Company as Your Auditor?
At Hall & Company, we have a combined experience of more than 225 years with employee benefit plan audits and other business audits. Our team of auditors is specially trained and educated on the most current ERISA, DOL, and Generally Accepted Auditing Standards (GAAS) requirements.
Not only do we understand the specific areas of testing required by the U.S. Department of Labor, but we also understand how important it is for your organization to remain compliant. We partner with you to ensure that you fulfill your legal responsibility to file complete and accurate annual returns and reports each year.