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Employee Benefit Plan Audits

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Ennis Pellum CPAs has a practice group specifically dedicated to helping companies address their Employee Benefit Plan (EBP) assurance needs and questions.  Our experienced professionals provide a wide variety of EBP services and has extensive experience with virtually all plan types and filing requirements:

  • Defined contribution retirement plans
    • Trift or savings plans, including:
      • 401(k) and 403(b) plans
      • profit-sharing plans
      • money purchase pension plans
      • stock bonus and employee stock ownership plans
      • certain target benefit plans
  • Defined benefit pension plans
    • Pension equity plan
    • Cash balance plans
  • Union-represented plans
  • Multiemployer plans
  • Multiple employer plans
  • Health and Welfare plans
    • Defined benefit
    • Defined contribution
  • Master Trusts
  • SEC 11-K Filings
  • Full-scope audits
  • Limited-scope audits
  • Form 5500 preparation and filing

The Ennis, Pellum CPAs team has the expertise the comes from years of experience auditing plans of all types for clients in a wide variety of industries. We are a member of the American Institute of Certified Public Accountants' (AICPA) Employee Benefit Audit Quality Center for CPA firms. The Center is a national community of CPA firms that demonstrate a commitment to ERISA audit quality and raise awareness about the importance of ERISA audits. The Center provides members with best practices, guidelines, and tools CPAs need to perform quality ERISA audits and better serve their clients.

In addition to AICPA Employee Benefit Audit Quality Center, our team attends annual conferences and seminars sponsored by the DOL and the AICPA. That means you work with professionals who fully understand the latest regulations and laws concerning employee benefit plans. In addition, we maintain our understanding of these requirements throughout the year with subscriptions to numerous publications – including industry and professional journals – published by leading authorities in the field of employee benefits. 

Does My Company Need an Audit? Do We Need to File an Annual Report?

The Department of Labor (DOL) is committed to assuring that employee benefit plans be in compliance with the plan document and Employee Retirement Income Security Act (ERISA) regulations. Under ERISA, companies are required to file an annual report with the Department of Labor, which provides the information to the IRS and the Pension Benefit Guaranty Corporation (PBGC).

For plans requiring an audit, DOL requirements state that the auditor's report, audited financial statements, or notes must disclose various matters, such as accounting principles; a plan description; termination priorities; tax status; loss contingencies; significant real estate or other transactions between the plan and its sponsor; related party transactions; and other unusual events. Most, if not all, of these disclosures are also required by GAAP (generally accepted auditing standards in the United States of America).