An employee benefit plan audit provides assurance that the financial statements of a plan are properly stated. This can help ensure that the benefits promised will be available to the organization’s employees (plan participants).
Employee benefit plans – including 401(k) and 403(b) plans – with 100 or more plan participants are generally required by the Department of Labor or ERISA to have an annual audit. According to the Department of Labor, however, a staggering 30% of employee benefit plans in Maryland fail to meet the minimum requirements for professional standards. There are substantial penalties for plan sponsors who fail to do the proper due diligence.
Gross Mendelsohn is a member of the American Institute of CPAs’ Employee Benefit Plan Audit Quality Center, a voluntary membership center for firms that audit employee benefit plans. The Audit Quality Center mandates that members adhere to strict requirements surrounding training, experience and reporting relating to employee benefit plan auditing. Our membership in the 401(k) Plan Audit Quality Center ensures you that all of our employee benefit plan auditors have current knowledge of applicable professional standards, rules and regulations for employee benefit plan audits.