Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

   
Resources - Tax Center - Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York
     
 

Preparing for Your EBP Audit

 
 

Do you manage your company’s annual benefit plan audit? If so, then you are most likely aware of the most common issues that delay the audit process. Boris Benic & Associates has found that in most cases delays in the audit occur because the documentation needed from the Third Party Administrator (TPA) or plan investment providers are either unavailable or incomplete. To ensure there are no unexpected delays it’s important to proactively reach out to the plan service providers to obtain proper records and avoid unnecessary delays.

 

ERISA Audit Preparation

From our years of experience we have developed a checklist to ensure our clients are as prepared as possible for their audit. This not only minimizes possible delays, but provides the chance to uncover issues that may have unknowingly developed over the last year. As you prepare for the plan audit, consider proactively collecting the items we have listed below.

 

Key plan audit documentation includes:

  •  Certification of investments from the plan custodian or trustee

  • Account statements for the plan usually provided to the plan sponsor by the investment company or TPA

  • Participant allocation reports, discrimination and coverage tests, and other documentation for administrative services performed by your service providers

  • Updated plan documents, amendments, plan summary description and copies of any IRS determination letters

  • A year end summary of all participant loans, as required

  • SOC I report from the plan custodian or trustee (formerly the SASA 70 report)

  •  A list of any employee and employer contributions not deposited as of the plan year end

 

Contact Us

Looking for a smooth plan audit process? Need assistance coordinating the multiple documentation requirements? If so, then contact us today! Our firm has years of experience conducting retirement plan audits for companies across Long Island and greater New York City.  For additional information please contact Boris Benic, CPA, at 516-248-7361, or click here to email Boris. In a brief conversation he can provide additional direction on how to proactively prepare for your upcoming plan audit.  

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Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York

 

Boris Benic and Associates LLP - Certified Public Accountants and Consultants - Garden City, Long Island, New York