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Employee Benefit Plan Audits

When filing ERISA’s Form 5500, employee benefit plans with 100 “eligible” participants are required by federal law to have their financial statements audited. Employee benefit plan audits greatly differ from other types of audits your company may perform, as they not only are subject to peer review, but also require inspection by the Department of Labor (DOL). In addition, the DOL expects auditors to be members of the Employee Benefit Plan Audit Quality Center, which GBH is a member.

Leave IT To The Experts

If you’re a business owner or benefit administrator, you know that conducting a thorough audit can be quite time intensive—especially when compounded with all of your other day-to-day tasks. GBH allows you to make better use of your time by having our experienced professionals address your employee benefit plan audit requirements. We communicate openly and directly with you to discover whether you need limited- or full-scope audits of your defined benefit plans, defined contribution plans, and health and welfare benefit plans.

We provide checklists and letters, multiple illustrative financial statements for each, guidance on preparing required DOL supplemental schedules, and walk you through the procedures for initial audits. Another valuable part of our audits is identifying any operational errors and showing you how to quickly correct them. This function alone can provide huge savings for you because, over time, the cost of amending these errors greatly increases.

Uphold Your Fiduciary Duties Effortlessly

In addition to the advisory and audit services provided to employee benefit plan sponsors, our team is prepared to provide tax preparation services for your plan, as well. Our professionals are versed in the requirements of Form 5500 and understand the information needed to successfully complete this return for the Department of Labor.

Whether you’re due for an audit or just want peace of mind that you’re properly upholding your fiduciary duties, GBH can assist you—regardless of your plan’s size.