Employee Benefit Plan Audits
Stay ahead of your employee benefit plan audit with an experienced team that understands ERISA requirements, that keeps the process organized, communicates clearly, and addresses issues before they create delays.
An Audit That Reaches
Across Your Organization
Employee benefit plan audits rarely fall to one person or department. Participant records, payroll information, plan documents, and financial data may involve HR, finance, administrators, and outside providers, all while filing deadlines continue to move closer.
When those pieces aren’t aligned, even routine requests can lead to extra follow-up and more time spent tracking down information.
A more coordinated approach makes it easier to respond to audit requests, support ERISA reporting requirements, and keep the process from becoming a distraction for everyone involved.
Getting the Right Pieces in Place
Much of the work behind an employee benefit plan audit comes down to bringing together information that may live across your organization and with outside plan providers.
Plan & Regulatory
Documentation
Plan documents, amendments, policies, agreements, and other records that establish how the plan is structured and administered.
Participant & Census
Data
Employee and participant information used to evaluate eligibility, participation, contributions, distributions, and other plan activity.
Payroll & Contribution
Information
Payroll records and contribution data are used to verify that employee deferrals and employer contributions are being handled in accordance with the plan.
Plan Transactions & Financial Records
Financial statements and records related to plan assets, distributions, participant loans, investments, and other activity during the plan year.
A Plan Audit That
Keeps Moving
Good communication and preparation can make a meaningful difference in how smoothly an employee benefit plan audit runs. Our team stays engaged throughout the process, making sure you know what’s needed, where things stand, and what requires attention.
Know What’s Needed Early
Clear expectations give your team time to gather documentation, identify who needs to be involved, and address potential gaps while there’s still time to work through them.
Coordinate Across the Right People
HR, payroll, finance, plan administrators, and other providers may all play a role. Keeping responsibilities clear makes it easier to get requests to the right people and bring information together.
Resolve Discrepancies as They Surface
Not everything will be resolved by the initial document request. When questions or inconsistencies surface, addressing them directly can prevent a relatively small issue from becoming a larger one later in the engagement.
Keep the Filing Timeline in View
Audit requests and follow-up have to happen within the realities of annual filing requirements. Keeping outstanding items visible gives everyone a clearer understanding of what still needs attention as deadlines approach.
Why Benefits Teams Choose Templeton
Experience Specific to Plan Audits
Employee benefit plan audits have requirements and considerations that set them apart from traditional financial statement audits. Years of experience in this area bring familiarity with the details that matter and the issues that can complicate an engagement.
Broader Expertise When You Need It
A plan audit may uncover questions that reach into payroll, financial reporting, internal processes, or other areas of the organization. Having broader accounting and advisory expertise within the same firm means the conversation doesn’t have to stop at the boundaries of the audit.
A Relationship That Carries Forward
Each year’s audit shouldn’t feel like starting over. Continuity gives your audit team a deeper understanding of your plan, your organization, and how things have changed, creating a stronger foundation for the work year after year.
Employee Benefit Plan Audit FAQ
When does our employee benefit plan need an audit?
Whether an audit is required depends on the type and size of your plan, along with other factors that may affect its filing requirements. If your plan is approaching the applicable threshold or has recently changed, confirming its audit requirements early gives you more time to prepare.
How early should we start preparing for our employee benefit plan audit?
Who needs to be involved in the audit?
What role do our recordkeeper and third-party administrator play in the audit?
What can cause an employee benefit plan audit to take longer than expected?
What happens if the auditor identifies an issue with our plan?
What should we expect from our employee benefit plan auditor?
Can we make next year’s employee benefit plan audit easier?
What should we look for when choosing an employee benefit plan auditor?
A Better Plan Audit Starts with the Right Team
Work with experienced professionals who understand your plan, your responsibilities, and what it takes to make the audit work for everyone involved.