Employee Benefit Plan (EBP) audit is mandated by United States Department of Labor (DOL). KNAV P.A. is capable of conducting expert-level EBP audits. The scope of our audits of employee benefit plans ranges from full to limited. We guarantee compliance with ERISA regulations and labor regulations when auditing your benefits plan. For employers of all sizes, we have decades of experience auditing benefit plans.
We at KNAV P.A. offer value adds beyond traditional compliance services when it comes to employee benefit plans.
United States Department of Labor (DOL) mandates an Employee Benefit Plan (EBP) audit. Audits are designed to uncover areas for improvement or concern in the employee benefit funds management at your company, and they must be completed by an independent party. According to the Employee Retirement Income Security Act of 1974 (ERISA), some companies offering employee benefit plans are required to audit their plans annually. The DOL requires companies that provide EBPs for 100 participants or more to conduct an annual audit of their EBPs. Plans meeting the “80-120 rule” are eligible for an exception.
Various factors, including their level of complexity, make only the most highly qualified Certified Public Accounting (CPA) firms qualified to undertake EBP audits. These compliance and regulatory-heavy audits must be performed in accordance with Internal Revenue Code (IRS) and Department of Labor (DOL) standards.
It is possible to assess severe penalties to companies who fail to perform this mandatory audit, or if they hire an independent CPA firm to conduct it for them. Although avoiding penalties is the primary reason for conducting an EBP audit, it can also provide significant added value for organizations seeking to improve or safeguard their benefits. As a wellness check, the audit ensures that all contributions have been made in accordance with DOL regulations, preventing late contributions, and calculating lost earnings. Performing an audit can also help identify areas of efficiencies to streamline the Plan management process and ensure all participant accounts are accurate and complete.
KANV P.A. is capable of conducting expert-level EBP audits. We have a team of dedicated, proactive, and highly skilled professionals who specialize in EBP audits. The scope of our audits of employee benefit plans ranges from full to limited. As a specific, we offer assistance with the following types of benefit plans:
KNAV P.A. guarantees compliance with ERISA regulations and labor regulations when auditing your benefits plan. For employers of all sizes, we have decades of experience auditing benefit plans.
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