Employee Benefit Plan Audits

Weiss & Company is uniquely equipped to meet the needs of companies who offer 401(k) and other employee benefit plans with audit services tailored to specific companies and industries, delivered by seasoned CPAs who are specialists in the field.

The Expertise You Need

While larger firms often regard EBP audit services as an afterthought, it’s a major practice area at Weiss, one we take very seriously. Two company partners, Chris Bozarth and Dennis Anderson, and 7-8 staff CPAs are dedicated to the business. Together, they complete dozens of audits annually for a wide range of EBPs, including:

  • 401(k) plans
  • Defined contribution and defined benefit plans
  • Employee stock ownership plans (ESOP)

We are a longstanding member of the AICPA’s Employee Benefit Plan Audit Quality Center and take great pride in the depth of our expertise in the field. Our audit teams are exceptionally well versed in ERISA requirements and how to ensure compliance and mitigate risk while delivering audits that are timely, efficient, and cost-effective.

The Service You Deserve

The vast majority of our EBP clients stay with Weiss & Company year after year, and we believe the reason is simple. Our staff members do, too.

Our firm has always displayed unusually low employee turnover, which translates into EBP teams who are strongly committed to meeting our exceptional high standards of service. It also enables our clients to actually get to know their auditors – and build the kind of rapport and trust that underlies the best business relationships. That’s the key to the uncompromising service for which Weiss & Company is known. It’s what every client deserves. It’s what every client receives.

FAQ: Employee Benefit Plan Audits

Below are some of the most frequently asked questions we get regarding 401(k) and other EBP audits, and what distinguishes our services from other CPA firms.

Q : What is the purpose of an EBP audit?

All Employee Benefit Plans must conform to standards established by the Employee Retirement Income Security Act of 1974, or ERISA. The audit is designed to protect employer and employee alike by ensuring compliance to those standards.

Q : Are all companies who offer retirement plans required to have an EBP audit?

No. Generally, EBP audits are only required for a company whose plan – has 100 or more participants.

Q : How often is an audit required?

An EBP audit must be performed annually for as long as the plan has more than 100 participants.

Q : Do you offer EBP audits to new clients as a ‘stand-alone’ service?

Sure. EBP auditing and advisory services are a dedicated practice area for us, and many clients retain us just to handle their benefit plan audits, often at a better price point than their incumbent CPA firm.

Q : How long does an audit usually take?

It varies, but a typical audit takes us about 7-8 weeks, beginning with field work in the client’s office and ending when we file their Form 5500 with the IRS.

Q : When is the deadline for filing Form 5500?

5500s must be filed with the IRS by July 31 for calendar year plans, unless an extension is requested. The extended deadline is October 15.

Q : Who is your point of contact within a client company?

Again, that varies. With some companies, benefits plan administration is the responsibility of the human resources department, while in others it’s handled by the accounting department. Most also contract with a third party financial services firm to handle administration of their plans. We work seamlessly with all parties in any given scenario.

Q : Beyond preparing and filing the audit, do you provide any other services?

We stay in contact with every client throughout the year, to apprise them of changes and updates to regulations and requirements and offer advice and guidance about ERISA compliance.

Contact us today!

Fill out and submit the form, or contact one of our EBP team leaders directly.

Christopher S. Bozarth, CPA
P: 847.441.8800
cbozarth@weisscpa.com

Dennis W. Anderson, CPA
P: 847.441.8800
danderson@weisscpa.com

Awards

Crain’s “Best Places to Work in Chicago” 2018, “Best Places to Work in Illinois” 2011-2018

Crains Best Places to Work in Chicago 2018 Best Places to Work in Illinois 2018

Memberships