Employee Benefits Plan Audits

Ensure a Solid Future for Your Crew

At Buffamante Whipple Buttafaro, P.C., we recognize that compliance is a key part of benefit plan audits. We currently provide quality auditing services to more than 20 employee benefit plans, with investments ranging from $1,000,000 to more than $35,000,000. Why is this important to know? Because not all employee benefit plan audits are created equal.

A recent U.S. Department of Labor (DOL) study concluded that firms which only perform few benefit plan audits tend to show a higher rate of deficient results. Firms who perform a higher volume of audits benefit from more experience and an acute knowledge of applicable standards and regulations.

It’s important to choose the right firm for your employee benefit plan audit. Talk to us.

Why Clients Choose BWB

  • We’re in the Quality Center. BWB is a proud member of the AICPA's Employee Benefit Plan Audit Quality Center, a technical group committed to the highest quality in employee benefit plan audits. As a member, BWB must adhere to specific membership requirements that include continuing education, quality control procedures and peer reviews. In addition, our membership provides us access to a wealth of technical and practical resources related to employee benefit plan operations and audits - resources that benefit us and our clients.

  • We’re proactive about training. Professional auditing and financial reporting standards are complex, as are the numerous compliance regulations imposed by the Employee Retirement Income Security Act of 1974 (ERISA), the DOL and the IRS. Our team remains current on the latest updates to these standards and regulations, which is critical to the success of a plan audit.
  • We do more than just audit. At BWB, our knowledge extends beyond audit services. We can work with you year-round, using our expertise and resources to provide consulting services for your employee benefit plans. These services may include compliance reviews with DOL and ERISA regulations, coordinating DOL and IRS examinations, monitoring your compliance with IRS regulations and preparing information for return filings.

A Quality Audit Will

  • Be done by our experienced staff who are unbiased, with no financial interest in the plan or the plan sponsor.

  • Help protect the assets and the financial integrity of your employee benefit plan and ensure the necessary funds will be available to pay retirement, health and other promised benefits to your employees.

  • Help you carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year.

  • Bring peace of mind. A well performed audit is a vital protection for your employee benefit plan. An incomplete, inadequate or untimely audit report may result in penalties being assessed.

What audit do you need?

  • Employee Benefit Plans

    • Employee benefit plans with 100 or more participants, as defined by ERISA, are considered "large plans” and are generally required to have an annual audit of their financial statements.
    • Plans with fewer than 100 eligible participants, at the beginning of the plan year, are considered “small plans” for filing purposes and are generally exempt from the audit requirement.

  • 403(b) Retirement Plans

    • In November 2007, the Department of Labor issued regulations eliminating an exception granted to 403(b) plans from the annual Form 5500 reporting, disclosure and audit requirements under ERISA.
    • ERISA covered 403(b) plans are now subject to the same Form 5500 reporting and audit requirements as 401(k) plans.
    • Generally, 403(b) plans sponsored by charities are subject to ERISA, whereas 403(b) plans sponsored by religious organizations and governments are not covered under ERISA.
    • “Large” ERISA covered 403(b) plans (generally plans with 100 or more participants) will be required to file audited financial statements.

Schedule a meeting with us today to find out how we can help you to navigate the financial success of your business.