Employee Benefit Plan Audits

Choosing the Right Audit Expert

Employee benefit plans are a critical component of any organization’s compensation and benefits strategy. As such, it is important to ensure that these plans are properly managed and monitored through an employee benefit plan audit.

A recent study by the Department of Labor found serious problems with approximately 30% of plan audits. A key finding of the study was a correlation between the quality of the audit work with the number of employee benefit plan audits a CPA firm conducts and firms who are members of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC). This resource provides members with specialized training and resources, which enhances the audit quality.

Read The Essential Guide to Employee Plan Auditing
to learn the who, what, why, and how of plan audits.
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Why Choose Brown Edwards

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Our team consists of more than 60 audit pros who complete more than 300 audits each year. We are a member of the AICPA Employee Benefit Plan Audit Quality Center, which assists members with the performance of their benefit plan audit practice. As a result, your business will receive the knowledge and resources it requires for a comprehensive review. 

Our independent membership in the BDO Alliance USA gives us access to industry expertise from a national firm, while our team structure allows us to provide you access to senior-level professionals for the personalized guidance you deserve. 

Our team stays on top of changes in the industry through participation in the following organizations: 

  • AICPA Employee Benefit Plan Audit Quality Center (AICPA EBPAQC)
  • Virginia Society of CPAs 
  • West Virginia Society of CPAs 
  • Tennessee Society of CPAs 
I have had the pleasure of working with Brown Edwards for several years on annual compliance testing and ERISA audits. The staff is professional, responsive, and friendly. I would recommend them without hesitation to anyone who has need of their services.
Robin Meade
Accounting and Human Resources Director, Virginia Tech Services, Inc.
Inside Public Accounting Top 100 Firms

Services We Provide

Plans Audits

Plans Audits

  • 401(k)
  • Single and Multiple Employee Plans
  • 403(b)
  • Defined Benefit Plans
  • Defined Contribution
  • Employee Stock Ownership Plans (ESOP)
  • KSOP
  • Health & Welfare
  • ERISA Section 103(a)(3)(c)
  • Non-ERISA Section 103(a)(3)(c)

Assistance with Correcting Plan Operational Errors

Assistance with Correcting Plan Operational Errors

Brown Edwards provides expert guidance, helping to you address plan errors quickly and accurately and ensure your company maintains compliance and mitigate potential risks.

Preparation of Form 5500

Preparation of Form 5500

Form 5500 is a crucial document required by the Employee Retirement Income Security Act (ERISA) for employers who sponsor employee benefit plans. Our team has the knowledge of the IRS and Department of Labor (DoL) regulations and we specialize in handling the intricacies of Form 5500 preparation.

Not Ready for an Audit?

Brown Edwards can help you streamline design and administration of a retirement plan that meets the unique needs of your company. Whether your company’s retirement plan has one participant or thousands of participants, you need plan design and administration support that’s tailored to your objectives. For many years, our retirement plan consultants have been assisting organizations of various sizes and in various industries with specialized employee benefit plan services.

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Contact Our Employee Benefit Plan Audit Experts

Mark Wiseman, CPA

Partner, Benefit Plan Audit Practice Leader

Mark is an Assurance Services Partner with over 30 years of experience. Mark leads the firm's employee benefit plan audit practice, peer review practice, and is the firm's Quality Control Partner in charge of the firm's audit and accounting practice.

Carman A. Faison, CPA

Partner

Carman A. Faison, CPA

Partner

Charles Stanley Bowles II, CPA

Partner

Charles Stanley Bowles II, CPA

Partner

James R. Fries, CPA, MSA

Partner

James R. Fries, CPA, MSA

Partner

Melissa A. Price, CPA,CGMA

Partner

Melissa A. Price, CPA,CGMA

Partner

Melissa A. Sikes, CPA

Partner

Melissa A. Sikes, CPA

Partner

Melissa Stanley, CPA

Partner

Melissa Stanley, CPA

Partner

Valerie R. Ellis, CPA, CGMA

Partner

Valerie R. Ellis, CPA, CGMA

Partner

Ready to be audit you can be?

Contact our plan experts to get help navigating plan audit complexities and ensure you’re in compliance.

The Essential Guide to Employee Plan Auditing​

An employee benefit plan audit is a critical step in protecting a plan and its participants. The audit is conducted by a qualified independent auditor to ensure the plan is being operated in accordance with plan documents, applicable regulations and other applicable laws. The auditor will review plan documents, policies and procedures, assess the plan’s internal controls, verify that the plan’s financial statements are accurate and complete, and assess the plan’s compliance with ERISA requirements, such as participant notices, disclosure statements, and fiduciary responsibilities. The audit results will be reported to the plan sponsor and the Department of Labor.

Employee benefit plan audits are an important part of ensuring the security and integrity of a company’s retirement and other benefit plans. A successful employee benefit plan audit should include a review of the plan documents, any amendments or restatements, as well as a review of the investments and financial statements related to the plan. The auditor should also evaluate the internal controls of the plan, including evaluating the accuracy of the plan’s financial records, determining whether investments are consistent with the plan documents, and verifying that the plan is in compliance with applicable laws and regulations.

Additionally, the auditor should assess the plan’s operations, including a review of the administration of the plan, the processes used to manage the plan’s assets, and the processes used to ensure that the plan’s investments are managed in accordance with the plan documents. The auditor should also review the plan’s reporting and disclosure requirements, including the accuracy and timeliness of plan participant disclosures.

By conducting a thorough employee benefit plan audit, companies can ensure that their plan is managed properly and in compliance with applicable laws and regulations. This can help to protect the plan’s participants and ensure the security of the plan’s assets.

Employee benefit plan audits are critical for the health and well-being of any employee benefit plan. An employee benefit plan audit is an independent and objective review of a company’s employee benefit plan’s financial records and processes to ensure accuracy, compliance, and legality. An employee benefit plan audit provides assurance that the plan is administered in accordance with legal requirements, provides financial information to the plan’s participants, and that the plan’s assets are safeguarded. The audit will help to verify that benefits are being paid correctly, that plan assets are being properly invested and managed, and that fiduciaries are acting in the best interest of the plan’s participants.

Employee benefit plan audits are an important way to ensure that the plan is in compliance with the applicable laws and regulations. The U.S. Department of Labor (DOL), Internal Revenue Service (IRS), and Employee Benefits Security Administration (EBSA) all conduct employee benefit plan audits to verify the accuracy of the plan’s financial statements. To facilitate this, independent public accounting firms that specialize in employee benefit plan audits are employed. These firms are often members of the American Institute of Certified Public Accountants (AICPA) and are required to follow the AICPA’s standards and procedures.

Employee benefit plan audits are an important part of maintaining a successful plan. Audits should be conducted at least once every three years in order to identify any errors or discrepancies in the financial statements and to ensure compliance with applicable laws and regulations. An audit should also be conducted if the plan has experienced significant changes or transactions in the past three years.

When conducting an employee benefit plan audit, the audit should review the actual performance of plan investments and records related to plan contributions, distributions, and administrative expenses. In addition, the audit should review the plan’s compliance with the Employee Retirement Income Security Act (ERISA) and other applicable laws and regulations.

Are you ready to be audit you can be?

Contact our plan experts to get help navigating plan audit complexities and ensure you’re in compliance.

Brown Edwards Certified Public Accountants

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Our Benefit Plans Team

Not Ready for an Audit?

Brown Edwards can help you streamline design and administration of a retirement plan that meets the unique needs of your company. Whether your company’s retirement plan has one participant or thousands of participants, you need plan design and administration support that’s tailored to your objectives. For many years, our retirement plan consultants have been assisting organizations of various sizes and in various industries with specialized employee benefit plan services.

Meet the Team

Leslie F Roberts, CPA

Partner

Leslie F Roberts, CPA

Partner

Valerie R. Ellis, CPA, CGMA

Partner

Valerie R. Ellis, CPA, CGMA

Partner

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Our EBP Audit Team

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