The Employee Retirement Income Security Act (ERISA) generally requires employee benefit plans with over 120 employees eligible to participate be audited as part of their obligation to file their annual Form 5500 series return/report.
Independent audits of employee benefit plans are an important accountability mechanism as they provide independent, third party reports to participants, plan management, the Department of Labor (DOL) and other interested parties.
The DOL and ERISA hold the plan administrator responsible for hiring a qualified independent employee benefit plan auditor to ensure that the plan audit is performed in accordance with their requirements. See the below letter issued by the DOL to all plan sponsors to stress the importance of audit quality and hiring an experienced benefit plan auditor.
Vrakas currently audits 115 benefit plans annually and is very familiar with the required auditing procedures and regulatory reporting requirements.
The benefit plan audit services specialists at Vrakas are committed to providing quality and outstanding service. Our emphasis is to ensure your plan is being served by qualified professionals who not only can provide the compliance audit services that you require, but can also provide communication of audit results that goes beyond the standard auditors’ report, including:
- Regulatory updates
- Areas in which management can improve benefit plan operations
- Assessment of the risks facing the plan and appropriate controls to mitigate those risks
- Extensive experience with defined contribution plans (401(k) plans, 403(b) plans, etc.), defined benefit plans and employee stock ownership plans (ESOPs)
- Standardized approach to efficiently address all audit requirements
- Active involvement of experienced employee benefit plan auditors during all stages of the engagement
- Meet client needs efficiently, cost-effectively and with a practical approach
- Vrakas is a member of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center (EBPAQC) for CPA firms. The EBPAQC is a national community of CPA firms that demonstrate a commitment to employee benefit plan audit quality and raise awareness about the importance of employee benefit plan audits. The EBPAQC provides members with best practices, guidelines and tools CPAs need to perform quality benefit plan audits to better serve their clients
- We are committed to providing our personnel with specialized training regarding employee benefit plan audits and annually attend the AICPA’s Employee Benefit Plan Conference
- In this highly regulated environment, it is critical to trust in your employee benefit plan audit team