Employee Benefit Plan Audits
An Employee Benefit Plan audit can seem like a daunting process to a business owner. The fact of the matter is - it doesn't have to be!
LBA Haynes Strand has the experience, the knowledge, and the right team in place to handle your audit needs. As a member of the AICPA Employee Benefit Plan Audit Quality Center, we have access to the most up to date information and news to help us meet the challenges of performing quality Employee Benefit Plan audits. Employee Benefit Plan audits, more than any other audit that LBA Haynes Strand handles in the marketplace today, require a very specific knowledge and skill-set that LBA Haynes Strand is proud to offer.
What is LBA Haynes Strand's responsibility?
LBA Haynes Strand is responsible for performing the audit of your employee benefit plan while staying up to date on the United State's Department of Labor and ERISA regulations. We will first determine if you need a full scope audit or a limited scope audit. We will then obtain an understanding of your internal controls, ultimately granting an opinion (full-scope audit) or a disclaimer of opinion (limited-scope audit).
What is the benefit to you for undergoing an Employee Benefit Plan audit?
- Business owners will benefit by knowing that their plan is acting in compliance with the Department of Labor and IRS.
- Business owners could potentially lose tax benefits by not having a benefit plan for their employees in general. So keeping your employee plan up to date will minimize this risk.
- If the audit of your benefit plan is neglected, then you can face a $50,000 fine from the United States Department of Labor.
- An audit opinion from a qualified professional CPA firm, can lessen the chance of the disqualification of the plan from an IRS audit - saving the business owner a hefty price tag of setting up a new employee benefit plan.
What Employee Benefit Plans can we audit?
- 401(k) Plan
- 401(a) Plan
- 403(b) Plan
- 457 Plan
- Employee Stock Ownership Plan (ESOP)
- Money Purchase Pension Plan
- Cash Balance Plan
If you are interested in learning more about LBA Haynes Strand's Employee Benefit Plan audit services - Please contact us for a no-cost consultation.