A well performed audit is vital for your Employee Benefit Plan needs. Let Sassetti help you navigate your compliance needs.
When does my plan need an audit?
When the number of eligible participants in a plan goes over 120 as of the beginning of the year, the plan is required to have an audit. So long as the plan stays over 100 going forward, the plan will continue to need to be audited.
When is the audit due?
The 5500 is initially due 7 months after year-end. There is an automatic extension available for an additional 3.5 months. For calendar year plans these days would be July 31 and October 15.
What should I be considering when selecting an auditor?
Benefit plans audits are unique from a ‘normal’ audit of a company or organization, It’s important that the auditor selected has experience and training in performing these audits. The fines and penalties for not submitting the required audit can be significant to the plan provider.
Benefit Plans Are Complicated
From participant eligibility and compensation determination to taking too long to transfer withholdings, there are many ways that plan providers can inadvertently run into problems that could result in penalties or other required contributions. Working with experienced auditors that understand the complexities and that can provide support throughout the year can save you headaches and errors during the audit. When errors are discovered, we can help guide providers through the correction process.
Comprehensive Retirement Plan Services
We work with a wide range of clients, including nonprofit organizations with 403(b) plans, medium sized businesses and other professional service entities with 401(k) plans as well as publicly-traded companies required to file an 11-K. Your plan will benefit from our extensive network of services groups, including administrators, attorneys and managers.
The Department of Labor (DOL) continues to put employee benefit plans (EBP) under scrutiny. Employee benefit plan audits are subject to the Employee Retirement Income Security Act (ERISA), and compliance with these regulatory requirements has created a greater need for plan sponsors to stay current with their fiduciary responsibilities.
Efficient and Quality Employee Benefit Plan Audits
Sassetti can help plan sponsors maintain compliance by performing high-quality audits while also providing access to resources tailored to keep plan sponsors informed of changes in the regulatory environment. As a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center (EBAQC) and as a register firm with the Public Company Accounting Oversight Board, our professionals receive the dedicated training necessary to provide efficient audits and related services of plans of all sizes and types, including:
Defined Benefit Plans
We assess the risks associated with your Defined Benefit Plans and provide valuable insights and recommendations to ensure regulatory compliance and secure employee retirement benefits. 401k Audits 403b Audits
Preparation of Financial Statements
Looking for expert auditing services for your financial statements? Our firm provides customized solutions, including outsourcing the preparation of 11-K statements to ensure compliance with accounting standards and improve accuracy.
In need of specialized auditing services for your employee benefit plans’ Form 11-K filings? Sassetti provides customized solutions, including financial statement audits and evaluations of internal controls, to help businesses comply with regulatory requirements of the DOL and the SEC. We analyze financial data, identify potential issues, and provide valuable insights to enhance the accuracy and completeness of financial statements.
Health and Welfare Benefit Plans
To help businesses comply with regulatory requirements of ERISA and the DOL, our team analyzes financial data, identifies potential issues, and provides valuable insights to enhance the accuracy and completeness of financial statements. With our specialized auditing services, businesses can be confident that their employee benefits programs are compliant with regulations and accurately reflect the financial performance of their health and welfare benefit plans.
If you require specialized auditing services for Initial Audits of your employee benefit plans, our CPA firm can provide customized solutions that include financial statement audits and evaluations of internal controls, to ensure that your business complies with the regulatory requirements of ERISA and the DOL. For newly formed plans, plans going over the threshold, as well as plan mergers or transfers, trust our expertise to help you meet your regulatory obligations and maintain the integrity of your employee benefit plans.
Our auditors will also make specific and concrete suggestions for improvements if they identify any compliance problems or internal control deficiencies. Our employee benefit plan auditors perform timely and competitively priced services for:
Members of our team sit on the Illinois CPA Employee Benefit Plan Committee as well as the Benefit Plan Conference Planning Committee. When changes come to the benefit plan audit world, our team is on top of it.