When Was the Last Time You Evaluated Your EBP Audit?

by | Apr 10, 2022 | Blog | 0 comments

When Was the Last Time You Evaluated Your EBP Audit?

In 2014, an Employee Benefits Security Administration (EBSA) review found that 39% of employee benefit plan (EBP) audits conducted contained significant deficiencies to one or more applicable requirements. That’s nearly four out of every ten audits! That degree of inaccuracy could lead to the rejection of a Form 5500 filing, putting your plan and its participants and beneficiaries at risk.

Form 5500 filing deadline is July 31, 2022. How confident are you in the accuracy of your filing?

The EBSA findings were quite striking but not entirely surprising. The rules for employee benefit plans audits are complex. So, if your EBP requires an audit, you’ll want a highly qualified CPA firm to carry it out.

Here are six questions to ask potential auditors:

  1. Are you licensed and certified in public accounting?
  2. How many EBP audits have you performed?
  3. What kind of training and experience in performing EBP audits do you have?
  4. Are you verified independent and unbiased, with no vested interests in your company or your competitors?
  5. Are you peer-reviewed?
  6. Are you a member of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plans Audit Quality Center?

Asking quality-focused questions will improve your chances of finding a highly-qualified auditor. At Boris Benic and Associates, we are committed to maintaining the highest quality assurance standards in performing audit and accounting services.

What you’ll experience with us.

Our culture allows us to provide a collaborative, hands-on approach, adding value to your company and resulting in the following:
Trust. To assist you in achieving success, we develop a relationship where we get to know you, your company, and your goals.
Understanding. We will understand your point of view and turn it into actionable steps. We understand the urgency required in today’s competitive business environment and will promptly respond to your concerns and inquiries. We recognize that you may not be aware of all laws and industry issues that can impact your employee benefit plans, and we are here to provide those insights and best practices to you.
Partnership. We will become a member of your team to provide the advice, insight, and guidance you need for your current and future business activities. We will also leverage our industry and technical expertise to help you capitalize on new opportunities.
Value. Our overall goal is to allow you to harness our expertise to enhance the value of your business.
If you’re looking for assistance with your employee benefit plan audits, allow Boris Benic and Associates to assess your situation and determine the best way to proceed.