Companies that provide employee benefit plans for at least 100 participants are, in most cases, required by federal law to conduct an employee benefit plan audit (also called ERISA audit) in order to file the annual Form 5500-series report.
The plan administrator or sponsor is encouraged to designate an independent certified public accountant to conduct this audit.
CMP can audit the following as needed:
- 401(k) plans
- General Benefit Plans
- Pension Plans
- Defined Benefit Plan
- Defined Contribution Plan
- Employee Benefit Plans
Hiring a qualified CPA to conduct an ERISA audit provides many benefits, including:
- Protection of your employee's assets to ensure the integrity of funds for healthcare, retirement, etc.
- Fulfill your legal responsibility as part of your company’s federal tax obligations
- Protect you from penalties resulting from an inaccurate or incomplete report