Employee Benefit Plan Audits
Outstanding employee benefit plan audit expertise.
Benefit plan audits are complex and the fines for non-compliance can be steep. What's more, a recent study showed thirty percent of benefit plan audits contain a deficiency. When you're signing as fiduciary trustee, you definitely don't want to be on that list.
Fesnak brings an intimate knowledge of the intricacies of the laws, Department of Labor (DOL) regulations, and typical deficiency areas. We’re on top of all the issues, missing information and shortcomings that could cause a red flag and that the DOL is penalizing other filers for not completing correctly. With Fesnak, you get the peace of mind that we'll point these out and help you follow all the requirements, so you're not liable for it later.
What's more, as voluntary members of AICPA's Employee Benefit Plan Audit Quality Control, we keep up with technical standards and best practices through continuing education so you get an extra comfort level that your audit is being performed correctly, which assists in meeting the fiduciary responsibilities.
We perform benefit plan audits of various types including:
Keep in mind, benefit plan audits are required by the DOL for large plans, defined as having 100 or more ELIGIBLE participants, regardless of whether they all actually contribute.
Benefit plan audits are complex and the fines for non-compliance can be steep. What's more, a recent study showed thirty percent of benefit plan audits contain a deficiency. When you're signing as fiduciary trustee, you definitely don't want to be on that list.
Fesnak brings an intimate knowledge of the intricacies of the laws, Department of Labor (DOL) regulations, and typical deficiency areas. We’re on top of all the issues, missing information and shortcomings that could cause a red flag and that the DOL is penalizing other filers for not completing correctly. With Fesnak, you get the peace of mind that we'll point these out and help you follow all the requirements, so you're not liable for it later.
What's more, as voluntary members of AICPA's Employee Benefit Plan Audit Quality Control, we keep up with technical standards and best practices through continuing education so you get an extra comfort level that your audit is being performed correctly, which assists in meeting the fiduciary responsibilities.
We perform benefit plan audits of various types including:
- Defined contribution plans, including 401(k), 403(b), profit sharing plans and certain stock plans
- Defined benefit plans
- Health and welfare benefit plans
Keep in mind, benefit plan audits are required by the DOL for large plans, defined as having 100 or more ELIGIBLE participants, regardless of whether they all actually contribute.