Audits exist to ensure money is being handled properly. And no where is that accountability more important than with your company’s employee benefit plan because you’re responsible for someone else’s money.
Employee benefit plan audits allow you to be completely transparent with your employees as to how their retirement money is being handled, as well as providing an accountability check for you on your third-party administrator.
PMBHD currently performs 50 employee benefit plans each year, making up about 10% of our audit practice. Almost all are for plans with assets from $500,000 to $500M. Most have 150-300 participants and a $2M-$20M asset range.
We are a member of the AICPA’s Employee Benefit Plan Auditing Control Center. As such, we participate in webinar updates as well as attend the AICPA Benefits Conference. Each year, our audit team attends EBP training that includes accounting updates as well as directives from the Department of Labor.