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Employee Benefit Plan Audit

Navigating Change and Mitigating Risk

Failure to comply with the continually changing requirements for employee benefits can result in substantial penalties for your company. Your best approach for navigating these myriad responsibilities is the support of a highly qualified advisory team. All F&D plan auditors are dedicated ERISA specialists who help you monitor, manage and mitigate issues in the benefits segment of your financial statements.

Our team also assists with plan design issues, plan operation and compliance and other general employee benefit areas. Working closely with your human resources and benefits group, our ERISA specialists strive to improve the plan’s administrative processes wherever possible.

Specialization in the Employee Benefit Plan Industry

The Department of Labor has advised plan sponsors to use only auditors who specialize in plan audits in order to reduce the extremely high error rates of unqualified auditors. In a typical year, our team of ERISA specialists perform nearly 200 plan audits for some of the country’s largest employers.

Frazier & Deeter is a charter member in the American Institute of Certified Public Accountants’ (“AICPA”) Employee Benefit Plan Audit Quality Center (“EBPAQC”). Membership requires a firm to staff dedicated ERISA audit partners and team members and to meet continuing professional education requirements specific with employee benefit plans for staff who manage ERISA audits and quality control programs for ERISA audits.

  • What to Expect in a Benefit Plan Audit

    Failure to uncover deficiencies in your plan can result in fines, additional expenses to make participants whole, added costs for legal fees and even potential lawsuits. Learn how to choose a specialized auditor to ensure your employees’ 401K and other fiduciary responsibilities are handled with care.

Avoiding Common Benefit Plan Errors

Learn to recognize common errors that occur when choosing an employee benefits plan; establish recommended internal control measures to prevent errors; and identify the major causes.

  • Assurance Services

    • Audits (Full Scope and Limited Scope) of qualified defined contribution and defined benefit employee benefit plans as required by ERISA 103(a)(3)(A) and 29CFR 2520.103-1(b)
    • Audits of plans requiring filing of Form 11K
    • Audits of welfare benefit plans with a 501(c)(9) or other trust arrangements
    • Audits of 403(b) plans
    • Plan controls recommendations and management communication
    • Required governance communication
  • Consulting & Compliance Services

    • Preparation and review of Form 5500 and Form 5330
    • Plan compliance reviews and audits
    • Full HR department compliance reviews
    • Plan design and development
    • Assistance with plan operational issues and correction
    • Plan compliance review
    • Plan fiduciary review
    • Plan mergers and termination
    • Fee and other plan benchmarking
    • HR best practices and administrative process improvement
    • Tax and tax planning services
    • Assistance with both IRS and DOL audits