An Employee Benefit Plan audit is an opportunity to comb through the benefit plans you’ve offered your employees to make sure they meet intended standards and to identify areas for improvement. Areas of improvement can include where and how money is being spent, and how well the benefits are managed. If you provide Employee Benefit Plans for over 100 individuals, audits from an independent party like PW Partners is required by the Department of Labor

Employee Benefit Plan audits should be executed annually in order to make sure you are meeting your company’s responsibilities. PW Partners has the specialized training that the Department of Labor requires from the CPA firm conducting the audit as outlined by the Internal Revenue Code standards.

Failing to conduct an annual Employee Benefit Plan audit can lead to serious consequences, and the benefits of doing them are many. These audits are a wise investment for your business because they safeguard you against dangerous situations like financial fraud and abuse. They also protect your assets from both internal errors and potential dishonesty of your employees.

Employee Benefit Plan audits can also illuminate areas where you could possibly save money and streamline benefits for your employees. We’ll provide clear and concise data that will help to make important decisions about employee benefit plans in the future. Working with PW Partners will save you time and help you manage your human and financial resources.

Employee Benefit Plan audits should not be seen as a source of anxiety. Instead, they should be valued as a productive opportunity to have a thorough understanding of the health of your company, and to identify areas for improvement to better improve your overall business. Areas that will be combed through include:

• 401(k)s
• Profit-sharing
• 403(b)s
• Stock option plans (ESOPs)
• Union representation
• Pension plans
• Savings plans
• Health and welfare
• Vacation
• Severance packages
• Many other benefits

PW Partners will use our expertise to perform an Employee Benefit Plan audit as established by the current Generally Accepted Auditing Standards (GAAS) and the Employee Retirement Income Security Act (ERISA). Call us at 614-475-7560 to ensure you and your employees are set up for success.