LSL CPAs wants to make sure that everyone has the best benefit plan audit information available before making the crucial decision on whom to hire. Below is a set of questions and answers that will help you decide.
LSL CPAs has extensive experience with delivering effective employee benefit plan audits and we would be happy to answer any additional questions you may have. If you have any questions please direct them to Maria T. Arriola, CPA at (714) 569-1000.
Why is the choice of the right auditor so important?
Because the assets and financial integrity of your employee benefit plan are at stake. By hiring the highest quality auditor you ensure that your benefit plan is protected: that the funds will be available when it comes time to pay retirement, health or other promised benefits to your employees. In addition, you have a legal responsibility to file a complete and accurate annual report every year.
Should the benefit plan auditor be certified?
Federal law requires that an auditor engaged for an employee benefit plan audit be licensed or certified as a public accountant by a State regulatory authority. The benefit plan auditors at LSL are all in good standing with the California Board of Accountancy.
Should the benefit plan auditor be independent?
Yes, benefit plan auditors of employee benefit plans should not have any financial interests in the benefit plan or the company receiving the audit.
Should a benefit plan auditor have experience in auditing employee benefit plans?
Yes, the benefit plan audit team at LSL has the expertise your company needs for an audit. We are familiar with latest benefit plan audit practices and trends, as well as the special benefit plan auditing standards and rules.
Should I request benefit plan audit references and check benefit plan audit certifications?
Yes, when engaging a benefit plan auditor, you may wish to obtain benefit plan audit references and discuss the auditor’s work for other employee benefit plan audit clients. LSL CPAs is happy to provide such references and show you our certifications.
The Benefit Plan Audit Team at LSL CPAs
The LSL CPAs benefit plan audit team understands how important your company and your employees are to you. If you need more information to make a decision, please contact LSL benefit plan audit team leader, Maria T. Arriola at (714) 569-1000.
*This material has been adapted from a benefit plan audit guide on the Department of Labor (DOL) website [see Selecting an Auditor]. Visit the site for an even more detailed treatment of the topic.