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Employee Benefit Plan Audit
Protect your employees’ retirement future with confident, compliant employee benefit plan auditing
When you sponsor an employee benefit plan, you’re not just fulfilling a business obligation; you’re safeguarding your employees’ financial futures. But navigating the complex requirements of the Employee Retirement Income Security Act (ERISA) can feel overwhelming. From Department of Labor examinations to IRS compliance standards, the stakes are high, and the regulations are constantly evolving.
You need an audit partner who understands both the technical requirements and the fiduciary responsibility you carry. BPM’s employee benefit plan audit team brings specialized knowledge of ERISA guidelines and a streamlined approach that minimizes disruption to your business while delivering the assurance you need.
Understanding Your Compliance Requirements
The Department of Labor (DOL) requires that certain employee benefit plans have an annual audit. If your company sponsors a retirement plan with 100 or more participants that have account balances, you’re likely required to conduct an annual independent audit, sometimes referred to as a 401(k) audit. This requirement applies to various plan types, including defined contribution plans, defined benefit plans, and ESOPs.
The audit process serves multiple critical purposes:
- Verifying the accuracy of your plan’s financial statements
- Confirming adherence to plan provisions and regulatory requirements
- Identifying potential operational issues before they become costly problems
- Providing stakeholders with confidence in plan management
- The annual audited financial statements are required to be filed with your Form 5500.
Our dedicated employee benefit plan audit professionals focus exclusively on retirement and benefit plan compliance. We stay current with the latest regulatory developments, attend specialized training, and maintain membership in the AICPA Employee Benefit P
CONNECT WITH A EMPLOYEE BENEFIT PLAN AUDIT PROFESSIONAL
How BPM Supports Plan Sponsors
Efficient, Focused Audit Approach
We’ve designed our audit process to respect your time. We work directly with your plan’s third-party service providers, coordinate with administrators and recordkeepers, and maintain continuity by reassigning the same professionals to your engagement year after year. This approach translates to:
- Reduced time demands on your internal team
- Consistent communication and fewer surprises
- Cost-effective engagements that deliver real value
- Relationships that deepen understanding of your plan and allows us to provide value-add feedback
Advisory Support Beyond the Audit
Your relationship with BPM extends beyond the annual audit. We’re available throughout the year to discuss regulatory changes, operational concerns, and strategic decisions affecting your plan. Our advisory services help you navigate:
- Building and managing relationships with service providers
- Strengthening internal controls and improving operational efficiency
- Preparing for Department of Labor or IRS examinations
- Correcting operational errors through DOL and IRS correction programs
- Valuation services for Employee Stock Ownership Plans (ESOPs)
Plan Types We Audit
Our team has extensive experience auditing all major plan structures, including:
- 401(k) and 403(b) plans
- Defined benefit pension plans
- Profit sharing and money purchase plans
- Employee stock ownership plans (ESOPs)
- Health and welfare benefit plans
- Multiple employer and multi-employer arrangements
We also handle complex situations such as plans with alternative investments, master trust arrangements, and plans requiring SEC Form 11-K filings.
Your Peace of Mind Matters
Managing an employee benefit plan comes with significant responsibility. Between keeping up with regulatory changes, overseeing service providers, and handling operational details, the administrative burden can feel daunting. That’s where we come in.
Our goal is to make the audit process as smooth as possible while providing you with insights that strengthen your plan administration. We take the time to explain our findings, discuss areas for improvement, and answer your questions—not just during the audit season, but whenever issues arise.
When you work with BPM, you’re partnering with professionals who understand the weight of your fiduciary duties and who are committed to helping you meet them with confidence.
Ready to discuss your employee benefit plan audit needs? Contact our team to learn how we can support your organization.
Meet our Employee Benefit Plan Audit Leaders
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