The U.S. Department of Labor (DOL) requires plans covered under the Employee Retirement Income Security Act of 1974 (ERISA) to submit independently audited financial statements. Generally, plans with 100 or more people who are eligible to participate in the plan are subject to this audit requirement. An annual audit of an employee benefit plan is an important safeguard against fraud and abuse.
Louis Plung & Company currently performs more than 30 benefit plan audits every year, with plans ranging in size from smaller companies with several hundred thousand dollars of plan assets to larger companies with more than several hundred million dollars of plan assets. Ongoing training ensures that our auditors are aware of legislative changes and other information vital to proper plan administration throughout the year as well as filing deadlines and changes in compliance requirements.
We currently perform audits for the following types of benefit plans:
- Defined benefit plans – pension plans and cash balance plans
- Defined contribution plans – 401(k) plans, 403(b) plans, profit-sharing plans, employee stock ownership plans (ESOPs)
- DOL/ERISA
- Master Trusts
- Single employer/multi-employer
As a member of AICPA Employee Benefit Plan Audit Quality Center, we are part of a national group of CPA firms committed to improving audit quality. We voluntarily adhere to certain requirements, including:
- Designating a partner responsible for employee benefit plan audits;
- Establishing firm-wide training and quality control programs;
- Performing annual internal inspection procedures; and
- Making the firm’s peer review report publicly available.