For companies with employee benefit plans including more than 100 eligible participants, an audit is an important requirement and step in satisfying your responsibility of an accurate and complete Form 5500. Employee benefit plan audits have unique and complex reporting requirements that are different from financial reporting requirements. There is no room for error — a third party to the Department of Labor (DOL) will examine your financial statements to gauge the ability of your company’s employee benefit plan to cover current and future benefits and payments.
Ultimately, not meeting the standards can trigger costly penalties. If you have any doubts about your Form 5500 or an upcoming audit, Warren Averett offers a free review of the Form 5500.
Our Basic Form 5500 review will: