Employee Benefit Plan Audit

Dedicated employee benefits practice
A 2015 Department of Labor study, “Assessing the Quality of Employee Benefit Plan Audits,” found serious problems with nearly 40% of employee benefit plan audits. The study reports that the size of an independent accounting firm’s employee benefit plan practice correlates with the audit quality. Deficiencies with audits were less common with firms auditing more than 100 plans per year.
LBMC audits approximately 300 employee benefit plans annually and we are a top 40 benefit plan auditor in the nation. Our in-depth knowledge includes ongoing training, guaranteeing a keen understanding of the latest technical and financial requirements. This experience also allows us to tailor our audit approach to the needs and characteristics of each client.
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Our Areas of Employee Benefit Plan Audit Specialization
Defined Contribution Plans
- 401(k) Plans
- SEC Form 11-K Filings
- 403(b) Plans
- Profit Sharing Plans
Defined Benefit Plans
- 401(k) Plans
- SEC Form 11-K Filings
- 403(b) Plans
- Profit Sharing Plans
Health and Welfare Plans
Employee Stock Ownership Plans (ESOP)
Form 5500 preparation
Selecting a Plan Auditor
When evaluating auditors, look for an experienced firm:
- Audits more than 300 plans per year
- Has ongoing training of their audit team
- Has a keen understanding of the latest technical and financial requirements * Is a member of the AICPA Employee Benefit Plan Audit Quality Center