What is an Employee Benefit Plan Audit?

An employee benefit plan audit should form an opinion that the financial statements of a plan are presented fairly. 

The engagement of an independent, certified public accountant to perform an audit of an employee benefit plan's financial statements comes under the requirement of ERISA Section 103, and applies primarily to large plan filings, as defined below. 

The basic determining factor as to whether or not a plan is considered to be a "large plan" is the number of eligible participants as of the first day of the plan year, and this factor must be reassessed at the beginning  of each plan year.

In general, subject to certain exceptions, a plan is considered a "large plan" and audited financial statements must be attached to the Form 5500 filing for defined contribution plans with 100 or more  eligible participants on the first day of the plan year. *

*Plans with fewer than 100 eligible participants at the beginning of the plan year, are considered to be a small plan for filing purposes. Audited financial statements are not required for a small plan filing if specific requirements are met under the small pension plan security regulation.

Why Goldin Peiser & Peiser?
The rules and regulations governing benefit plan compliance grow increasingly complex every year. Accounting and reporting requirements, governmental regulations, and changes in plan administration foster the need for specialized services.

At Goldin Peiser & Peiser, LLP (GPP), our services are cost-effective and reflect a high degree of specialization, training and commitment to benefit plan compliance. We provide you with meaningful results
and important insights that add value to your plan.

As you consider meeting your fiduciary responsibility and your options for a plan auditor, consider the experience, commitment and value that GPP can offer.

Contact Allan Peiser, Managing Partner, at 214-635-2503.