Employee Benefit Plans

Audits are crucial for ensuring that benefit plans are administered correctly, comply with regulations, and provide accurate financial reporting. They help identify and rectify issues, mitigate risks, and protect both the organization and its employees.

The frequency of audits typically depends on regulatory requirements and the size or complexity of the plan. Generally, plans with over 100 participants are required to have an annual audit, but smaller plans may be audited less frequently.

Required documents typically include plan financial statements, participant records, summary plan descriptions, investment statements, compliance documentation, and prior audit reports.

Common issues include inaccuracies in financial reporting, non-compliance with regulatory requirements, improper plan administration, and discrepancies in participant records.