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Employee Benefit Plan Audits

Don’t risk the high cost of compliance failure. Partner with Aprio for a proactive approach to employee benefit plan audits that simplifies compliance, empowers better plan administration, and helps you avoid steep penalties.

Shifting DOL regulations.
New audit requirements. 
Evolving standards.

Account for Anything™ with Aprio

Employee benefit plan (EBP) administration is complicated all on its own. But if your company is required to file an annual EBP audit, finding an auditing partner becomes yet another task on a growing to-do list. And it’s a choice that comes with high stakes: the right auditor can often mean the difference between simplified compliance and staggering costs in Department of Labor (DOL) and IRS penalties.

Not all CPAs are qualified to audit EBP financial statements—but Aprio isn’t just any CPA firm. With rigorous EBP-specific training and an eye on shifting regulations, our dedicated employee benefit specialists can efficiently audit your plan and verify compliance with the latest requirements. And as standards change from year to year, we’ll be right there with you to tackle any risks that might arise.

Our Focus Areas

If your company is required to file an EBP audit with your Form 5500, Aprio has you covered. Our auditors can help you account for:

  • 401(k) Plans

    Our team will verify the correct management of 401(k) contributions and distributions, as well as assess compliance with ERISA and other laws.

  • 403(b) Plans

    We’ll confirm proper handling of 403(b) contributions, determine compliance with plan provisions, and confirm adherence to any federal regulations.

  • Employee Stock Ownership Plans (ESOP)

    We’ll review your company’s stock valuation and verify that all transactions are conducted at fair market value.

  • Defined Benefit Plans

    Our auditors will review participant data and funding levels to determine if your defined benefits plan meets both IRS and ERISA requirements.

  • Health & Welfare Plans

    We’ll assess how your plan uses funds to support participants, as well as confirm compliance with ERISA, HIPAA, COBRA, and more.

Your EBP Audit Specialists

Solely focused on providing you with a stress-free audit experience

Employee Benefit Plan Audit Resources

Frequently Asked Questions

What is an employee benefit plan (EBP) audit?

An employee benefit plan audit, or EBP audit, is an examination of a company’s employee benefits plan to protect plan participants and determine the plan’s compliance with federal regulations. The audit is usually conducted by an independent, third-party auditor.

Are employee benefit plan audits required by law?

Yes, but only if your benefit plan has over 100 eligible participants at the start of the plan year. In that case, the EBP audit will be part of your annual filing of Form 5500.

But even if your company isn’t required to undergo an EBP audit, it’s still a good way to build credibility, maintain reporting accuracy, and identify any inefficiencies in your benefits package. Contact Aprio today to learn more about our EBP audit services.

What happens if a company fails an employee benefit plan audit?

Failing an employee benefit plan audit can have significant consequences. On top of enormous daily fines from the Department of Labor for a rejected Form 5500, companies that fail an EBP audit can also face potential loss of the plan’s tax-qualified status, personal liability for plan sponsors, and irreparable damage to employee trust.

Don’t risk the high cost of failed compliance. Contact Aprio today to learn more about our proactive, comprehensive employee benefit plan audit services.

How much does the Department of Labor fine companies for failing to file Form 5500?

The maximum penalty that the DOL can impose on a company that has failed/refused to file Form 5500 (or failed their EPB audit, which can trigger the rejection of Form 5500) is $2,739 per day.

Don’t risk the high cost of compliance failure.

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