Employee Benefit Plan Audits

Employee Benefit Plan Audit and ERISA Compliance Requirements

An employee benefit plan audit is government mandated by the Employee Retirement Income Security Act of 1974 (ERISA) and enforced by the U.S. Department of Labor (DOL). The plan administrator must ensure that the plan complies with ERISA compliance and DOL requirements. Failure to comply with DOL and ERISA compliance requirements, or submitting an incomplete Form 5500 without the required auditor’s report can result in significant penalties assessed against the plan’s administrator and may result in plan disqualification.

As the regulations governing employee benefit plans become increasingly complex, so does the need for specialization. Miller, Kaplan, Arase & Co., LLP helped write the book on accounting and performing an employee benefit plan audit*. Since the early 1950s we have focused on developing our abilities to serve all types of multiemployer and corporate employee benefit plans, including 401(k) plans, defined benefit and defined contribution pension plans, health and welfare plans, vacation plans, and apprenticeship and training programs.

Do you need an experienced accounting firm with your employee benefit plan audit?

We have many years of experience auditing employee benefit plans’ financial statements and we understand the need to keep informed of the latest DOL and ERISA compliance requirements, and of the ever-changing U.S. generally accepted accounting principles that apply to completing an employee benefit plan audit. We are a member of the AICPA’s Employee Benefit Plan Audit Quality Center, and adhere to its rigorous standards.

At Miller Kaplan, nearly half of our firm’s partners are dedicated to employee benefit plan audits. Our partners and managers actively train our team members’ professional development in this environment of ever-changing accounting and auditing standards and government regulations, assuring our clients that Miller Kaplan professionals have a complete and practical understanding of current issues, enabling them to provide high quality and efficient client service.

For additional information about the services we provide related to an employee benefit plan audit and DOL and ERISA compliance, please call us at (818)769-2010 or contact us online .

• * Managing partner Mannon Kaplan participated in the American Institute of Certified Public Accountants’ Employee Benefit Plans Committee that issued the first extensively revised Audit and Accounting Guide for Employee Benefit Plans.