Employee Benefit Plan Audit FAQs
Many companies have questions about employee benefit plan audits. Please check out the frequently asked questions below and feel free call me at 916-634-4002 to learn more. You can request a free consultation online to make arrangements for your company's next audit.
What businesses are required to have employee benefit plan audits?
Companies with more than one hundred participants in their retirement plans are required by the Department of Labor (DOL) to conduct an audit each year.
Does the auditor need to come to my office?
No! The easiest way to conduct an audit is to do it remotely. I use specially designed audit software developed by CPA.com for AICPA that allows me to securely access the documents I need without coming to your office. Virtual audits are faster and cause less disruption to workflow than on-site auditing.
How long does the audit take?
Audits may take up to 6 weeks but can typically be completed in as little 3 weeks if document requests are addressed promptly. The timing is really dependent on the cooperation from the company and the TPA.
What are 103(A)(3)(C) audits?
The DOL has revised the requirements for limited scope employee benefit plan audits. These audits will now be called 103(a)(3)(C) audits and will involve more accountability from the auditor by requiring them to issue an opinion as part of the process.
There are also more responsibilities for the plan administrators, such as determining if their plan qualifies for the audit. Since I'm very familiar with the new requirements, I can provide tools and assistance to make sure administrators understand their new responsibilities. The new audit regulations will apply to benefit plans ending after December 15, 2021.
I'm fully trained and educated in all of the new audit rules associated with 103(a)(3)(C).
What does the EBPAQC membership mean?
Employee Benefit Plan Audit Quality Center members meet specific practice management requirements in the areas of training, quality control, and self-monitoring. Hiring a CPA with this designation ensures that your company's audit will meet the highest standards in the industry.
I am a member of the AICPA and EBPAQC.
How much do audits usually cost?
My audit quotes are free and I bid at a flat fee. Minimum audit fees are typically $7,000.