Employee Benefit Plan Audits

Gain a trusted advisor who helps simplify the audit process and keep your retirement plan compliant.

Avoid Penalties and Adhere to Fiduciary Responsibilities

Managing a retirement plan is complex. Plan sponsors must stay abreast of the vast changing rules and regulations issued by the Department of Labor, meet fiduciary responsibilities, and determine plan fees. You need an experienced retirement plan auditor who does more than just fulfill your benefit plan compliance requirements.

Yeo & Yeo has a dedicated Employee Benefit Plan Audit Services Group with year-round, full-time plan specialists who make it their mission to get to know you and your plan well. Our job is to deliver a stress-free, no-surprise, compliant retirement or pension plan audit.

Employee Benefit Plan Audits Don’t Have to Be Overwhelming

For many organizations, an employee benefit plan audit is one of the most specialized compliance requirements they face. Between coordinating documentation, working with third-party administrators, meeting Department of Labor deadlines, and preparing Form 5500 filings, it’s easy for the process to become time-consuming and stressful. An experienced audit team can help streamline the process, identify potential issues early, and keep the audit moving efficiently so you can stay focused on serving your employees and running your organization.

Keeping Up with Regulations

Employee benefit plan requirements continue to evolve. Staying current with ERISA and Department of Labor guidance helps reduce compliance risks and avoid costly surprises.

Meeting Filing Deadlines

Late or incomplete audits can delay Form 5500 filings and create unnecessary stress. A proactive audit process helps keep your reporting on schedule.

Coordinating Service Providers

Benefit plan audits often require collaboration among internal teams, payroll providers, third-party administrators, recordkeepers, and investment custodians. An organized audit process helps everyone stay aligned.

Managing Fiduciary Responsibilities

Independent audits provide confidence that plan financial reporting meets applicable requirements while helping identify opportunities to strengthen processes.

Specialized Experience Matters

Our professionals hold specialized certifications in employee benefit plan audits, including the Advanced Defined Contributions Plans Audit (ADCPA) Certificate from the AICPA. As a member of the AICPA’s Employee Benefit Plan Audit Quality Center, you can be assured our processes comply with professional standards and regulations for ERISA retirement plan audits. The types of plans we audit include:

Defined contribution
401(k)
Section 403 (b) Tax Shelter Annuity
Defined benefit pension
Employee Stock Ownership (ESOP)

A Better Audit Experience

YeoLean is a Lean Six Sigma-based audit process designed to improve communication, reduce unnecessary steps, and create a smoother engagement from planning through completion. Our team arrives prepared, works efficiently, and maintains clear communication throughout the process so your team can stay focused on your organization’s priorities.

Comprehensive Planning

Every engagement begins with thoughtful planning to establish timelines, identify priorities, and prepare for fieldwork.

Clear Timelines

A structured schedule keeps your audit on track from start to finish. Clear expectations and ongoing communication help everyone stay aligned.

Efficient Fieldwork

Our team arrives prepared and works purposefully to minimize disruption. We focus on gathering what we need while respecting your team’s time.

Collaborative Communication

You’ll always know where your audit stands. We maintain open communication throughout the engagement, addressing questions and sharing updates as they arise.

Meaningful Recommendations

An audit should do more than result in a report. We provide recommendations to strengthen internal controls, improve processes, and support your organization long after the engagement is complete.

Beyond the Annual Audit

An employee benefit plan audit is just one part of effective plan management. Organizations often need guidance throughout the year as regulations change, reporting deadlines approach, and benefit plans evolve. Whether you’re administering your plan, maintaining compliance, or evaluating future needs, our team can provide support beyond the annual audit.

Plan Administration
Compliance
Strategic Guidance

Annual Report of Employee Benefit Plans (Form 5500) preparation and filing support for retirement and welfare benefit plans
Employee education meetings

Regulatory compliance guidance
Assistance with recordkeeping requirements
Plan terminations and related IRS submissions

Evaluation of current benefit arrangements
Income and estate tax considerations related to employee benefit plans

Strengthen Confidence in Your Financial Reporting

Connect with assurance professionals who can help you address reporting requirements, improve transparency, and provide confidence to stakeholders.

Talk with an Advisor

Frequently Asked Questions

When is an employee benefit plan audit required?

An audit is generally required if the plan has 100 or more participants with account balances at the beginning of the plan year, although specific Department of Labor rules and exceptions may apply.
What is included in an employee benefit plan audit?

The audit evaluates the plan’s financial statements, participant data, contributions, distributions, investments, and compliance with applicable reporting requirements.
How can we prepare for our audit?

Preparing participant data, payroll information, trust statements, plan documents, and coordinating with your third-party administrator before fieldwork begins can help the audit proceed more efficiently.
Can you work with our third-party administrator and recordkeeper?

Yes. Benefit plan audits often involve collaboration with multiple service providers, and coordinating information among those parties is an important part of an efficient audit process.
How long does an employee benefit plan audit take?

Timing depends on the complexity of the plan and the availability of requested information, but early planning and clear communication can help organizations meet Form 5500 filing deadlines.