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Employee Benefit Plan Audit

Generally, plans with 100 or more participants are subject to the annual audit requirement of the Employee Retirement Income Security Act of 1974 (ERISA). Over the past several years, there has been increased scrutiny by the United States Department of Labor (DOL) resulting in increased on site visits by the DOL at the offices of the Plan Sponsor.

Our professionals understand the complex nature of employee benefit plans and keep current on the multitude of regulations of the DOL and the IRS, which is incorporated into our audit approach.

When you engage the team at Isdaner & Company to perform the audit, you will be working with a firm that will offer a personal approach and one that adheres to the highest standards of the profession.

We are members of the Pennsylvania Institute of Certified Public Accountants Employee Benefit Plan Committee and the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center.

Employee Benefit Plan Audit services include:

  • Audits of Financial Statements of Employee Benefit Plans
  • Preparation of Form 5500, Annual Return/Report of Employee Benefit Plan
  • Assistance with the Financial Reporting Requirements of the Employee Retirement Income Security Act of 1974 (ERISA)

An Employee Benefit Plan (“EBP”) is required to be audited by an independent public accountant if the Plan has 100 or more eligible participants in the Plan on the first day of the Plan year. At the conclusion of the audit, the auditor will issue an Independent Auditor’s Report, including the audited financial statements of the Plan and related footnote disclosures.

The Independent auditor’s Report and the audited financial statements must be filed with the U.S. Department of Labor (“DOL”) on Form 5500. The Plan Administrator should generally file the Form 5500 on the last day of the seventh month after their Plan year ends (July 31 for a calendar year end). Filing extensions for up to 2.5 months may be requested in advance by filing Form 5558.

• A quality auditor should possess the skills, knowledge, and experience to conduct the audit of your EBP with competence and integrity. The EBP audit team at Isdaner & Company have these qualities that were earned by years of experience auditing EBPs and gaining a thorough understanding of the compliance rules and regulations required by The Employee Retirement Income Security Act of 1974 (“ERISA”) and the DOL. Our EBP team members currently are, and have been, active on the PICPA Employee Benefit Plan Committee. In addition, all EBP team members are required to earn a minimum number of hours of CPE credit related to Employee Benefit Plan auditing on an annual basis. Isdaner & Company LLC is a member of the AICPA’s Employee Benefit Plan Audit Quality Center (“EBPAQC”). We also undergo a Peer Review by an outside accounting firm every three years, as required by our membership in the AICPA, and have always received an unmodified opinion.
• Here are some factors to consider when selecting an accounting firm to do this type of audit