The success of a benefit plan audit begins with the choice of a benefit plan auditing team. LSL CPAs has frequently found remedial work left behind by inexperienced auditors.
We offer these frequently asked questions as a simple outline of important factors to consider when choosing someone to audit your Employee Benefit Plan.
Why is the choice of a benefit plan auditor important?
A quality benefit plan audit is designed to protect the assets and financial integrity of your employee benefit plan. You need to know that your company will have the necessary funds available to pay the retirement, health, and other promised benefit obligations to your employees.
Did you know an incomplete, inadequate, or untimely audit report could result in penalties being assessed against you as the plan’s sponsor? This is just one more reason why the selection of an experienced auditor like Maria T. Arriola is essential.
As a member of the American Institute of Certified Public Accountants (AICPA) and the Employee Benefit Audit Quality Center, the Benefits Plan team led by Maria T. Arriola performs many audits every year. We have the experience and methodologies that your company needs to safely move forward with a benefit plan audit.
What happens when the benefit plan audit is complete?
At the conclusion of the benefit plan audit, LSL will issue a report and give an opinion on the benefit plan’s financial statements as well as any schedules required to be included as a part of the filing of the benefit plan’s annual report. LSL may also suggest ways for you to improve the overall operations of your company’s benefit plan program as well.
What questions should I ask my benefit plan auditor?
Although the Benefit Plan Audit Team at LSL always takes the following into account, it’s important for you to know:
- Whether plan assets covered by the benefit plan audit have been fairly valued;
- Whether benefit plan obligations are properly stated and described;
- Whether benefit plan payments were made in accordance with the stated terms, and whether benefit plan contributions were received in a timely fashion;
- Whether issues were identified that may impact the benefit plan’s tax status; and
- Whether any benefit plan transactions prohibited under ERISA were properly identified.
A Benefit Plan Audit Guide Leads To Success
Maria T. Arriola, CPA and the Benefit Plan Audit Team at LSL understand that a well-performed benefit plan audit is an essential protection for your company, both in relation to your tax status with the IRS and the future security of your employees. We will help you maximize the results of the benefit plan audit process.
If you need an ERISA Employee Benefit Plan Audit for your company, please contact LSL CPAs employee benefit plan audit team leader, Maria T. Arriola at (714) 569-1000.