Benefit Plan Audits

From comparing plans to ERISA compliance and help, we do it all

Change is inevitable, especially when it comes to employee benefit plans. To simply offer a plan as an incentive or benefit to potential or current employees is only the start. Plan sponsors must also consider how their plan is designed, keep abreast of current regulations, meet their fiduciary responsibilities, determine the reasonableness of plan fees and seek and contract with vendors. The simple task of offering a benefit plan is now anything but simple. These days, managing your benefit plan can be a confusing (and sometimes frustrating) undertaking.

You may view your plan audit as purely a compliance portion to the vast process that is now necessary to sponsor an employee benefit plan. However, with the proper auditor, your plan audit can do more than just fulfill the Department of Labor’s compliance requirements.

Choosing a Proper Employee Benefit Plan Auditor

Rea & Associates has a dedicated team that audits more than 110 employee benefit plans every year. In fact, we are one of the top accounting firms in Ohio and one of the top 72 firms in the nation for the number of employee benefit plan audits conducted, according to Department of Labor statistics. We’re a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center and the Government Audit Quality Center, too.

Whether you need a full scope or a limited scope audit of either your defined benefit or defined contribution plan, we can help with:

  • 401(k) plan audits
  • 403(b) plan audits
  • Profit sharing plan audits
  • Employee Stock Ownership Plan (ESOP) audits

The Rea Difference

By streamlining the audit process, interruptions to you and your staff are minimized. We’ll work with you and your service providers to develop a timeline, discussing the audit process and needed materials, that way you will know exactly what to expect throughout the process.

If you are required to undergo a benefit plan audit, now is the time to consider a change. Contact Darlene Finzer, CPA, QKA, CSA, director of benefit plan audit services, to learn more. You can also check out the articles on employee benefit plans from our in-house experts.