Do You Have the Right Auditor for Your Employee Benefit Plan?
Employee benefit plan audit quality remains a focal point for benefit plan regulators. But how do you know if you have the right auditor?
Your employee benefit plan needs a quality plan auditor to comply with the Employee Retirement Income Security Act of 1974 (ERISA) and to protect plan participants. But a 2014 study by the Employee Benefits Security Administration (EBSA) found that nearly 40% of the employee benefit plan audits it surveyed contained major deficiencies - the highest noncompliance rate in the history of the study.
Noncompliance can lead to losing your plan's qualified status and could cause your EBP contributions, distributions, and investments to become taxable. You can reduce this risk by understanding when it's time to reassess your employee benefit plan auditor.
Our white paper, “Why Organizations Change Employee Benefit Plan Auditors,” helps organizations assess their current Employee Benefit Plan audit quality with:
- 9 common reasons organizations change accounting providers
- Employee benefit plan auditor quality indicators
- Tips for applying EBSA report data to your organization