Facing Your First Benefit Plan Audit? Start Here!

Share Button

picking-a-benefit-plan-auditorHow to Pick a Benefit Plan Auditor

There are plenty of benefit plan auditors out there – over 7,000 in fact.  However, don’t make the mistake of believing that just any company can effectively audit your plan.  Department of Labor statistics indicate that one in three audits performed are deficient, and the DOL has made hundreds of referrals to the AICPA Ethics division for this poor work.  Unfortunately, the negative exposure from a failed audit reflects on you, the plan sponsor, so it is important to select a firm you can trust.  Here are some suggestions on how to find a qualified auditor:

  • Ask people that you trust in other organizations who they use for their plan audits and if they are satisfied with the service provided.
  • Ask your providers, brokers or ERISA counsel if they have recommendations based on their other clients’ experience and satisfaction.
  • Review the American Institute of Certified Public Accountants Employee Benefit Plans Audit Quality Center (EBPAQC) directory of auditors who have agreed to meet specific training, experience and monitoring requirements.
  • Consider a formal RFP process to gather information that you need to make an informed decision.  The EBPAQC also has guidance on what an RFP might include.

Selecting a benefit plan auditor is an important decision that should be undertaken with great care. Stay tuned for more information coming soon on additional considerations.  To learn more about Aronson’s Employee Benefit Plan Services Group, please contact partner Kate Petrillo at 301.231.6200 or by email via kpetrillo@aronsonllc.com.

 

About the Author: As the partner in charge of Aronson LLC’s Employee Benefit Plan Services Group, Kathryn Petrillo oversees the management of nearly 200 plan audits on an annual basis.  She specializes in auditing and assurance services, with significant experience auditing defined contribution plans, defined benefit plans and health and welfare plans with assets ranging from $100,000 to over $2 billion.  

About Kathryn Petrillo

Kathryn Petrillo has written 5 post in this blog.

As the partner in charge of Aronson LLC's Employee Benefit Plan Services Group, Kathryn Petrillo oversees the management of nearly 200 plan audits on an annual basis, one of the largest dedicated benefit plan practices in the region. Kate specializes in auditing and assurance services to employee benefit plans, with significant experience auditing defined contribution, defined benefit and health and welfare plans with assets ranging from $100,000 to over $2 billion. Kate's well-earned reputation for integrity, combined with her unique knowledge and skillset, has earned the trust of her diverse client base.

Comments are closed.

View Archives

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 12 other subscribers

Latest Webinar Videos