Employee Benefit Plan Audits

Let our CPAs help you safeguard plan assets and meet ever-changing regulations.

Employee benefit plan audits may not make for the most engaging conversation topic, but they are one of the most important services our Mankato and Minneapolis business accounting consultants provide.

That’s because businesses with employee benefit plans must take steps to safeguard plan assets for their employees and adhere to complex Department of Labor regulations. Making sense of this process is our business accounting consultant’s specialty.

Of course, the IRS and DOL regulations that govern the process change all the time. We stay current by maintaining our membership in the AICPA Employee Benefit Plan Audit Center, attending the MNCPA’s annual employee benefit plan conference, and including these audits in our peer review process. Our affiliation with DFK/USA, an association of more than 200 independent accounting firms, gives us valuable insight into this area of practice, too.

One thing business owners should know about employee benefit plan audits is the 80-120 rule. Generally speaking, plans that have more than 100 eligible participants are required to have an audit. The 80-120 rule allows existing plans that have less than 120 eligible participants (at the beginning of the plan year) to file as a small plan and avoid the audit requirement. These plans can benefit from the 80-120 plan indefinitely—as long as they have less than 120 eligible participants.

Our Mankato and Minneapolis business accounting consultants can help you with all aspects of employee benefit audits, including the following:

  • 401(k) plans
  • 403(b) plans
  • Profit sharing plans
  • Money purchase plans
  • Employee stock option plans (ESOPs)
  • Defined benefit plans
  •  Health and welfare benefit plans
  • Full-scope and limited-scope audits

If you have questions about your employee benefit plan requirements and/or your audit, please give us a call.