Audits of Employee Benefit Plans

What is your company’s greatest asset? Ask ten companies and there is a very good chance that all ten will say “our people.” Companies know that benefit plans are essential to attracting and retaining key employees, yet the Department of Labor has reported that up to 75% of all benefit plan audits are deficient. This is understandable. The laws and compliance issues surrounding the management and administration of benefit plans are complex and constantly changing. This means poorly managed plans not only can result in employee retention issues, but also could lead to severe monetary or civil penalties.

The LBA Group can help. We currently perform annual ERISA audits on almost 50 retirement plans.  These plans range in size from 100 to 8,000 participants and the companies for whom we perform these audits span industries such as construction, manufacturing, distribution and healthcare to name a few.  Our audit professionals understand the complex laws and compliance obligations imposed by various regulatory authorities. We help our clients gain knowledge about their plans and offer recommendations for improvement.

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Employee Benefit Plan Audit Team

Eric S. Martinez, JD, CPA
Partner, Audit & Assurance Services

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Members:

Harry Parsons, Jr., CPA, Partner
Scott Mattson, CPA, Principal
Stephen Clements, CPA, Senior Manager
Jason Geiger, CPA, CGMA, Senior Accountant
Tracy Deadman, CPA, Senior Accountant
Doug Benefield, Staff Accountant

Memberships

  • Members, AICPA Employee Benefit Audit Quality Center

The LBA Group is a member of the American Institute of Certified Public Accountants Employee Benefit Audit Quality Center, which requires member firms to maintain and demonstrate high quality audit services in the field, obtain continuing education in audits of plans and include plan audits in their peer reviews.  As a member, we have direct access to:

– The latest developments in accounting, auditing, and Department of Labor rules and regulations
– Periodic updates on current issues affecting the auditing of employee benefit plans

Articles

 

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