Federal law requires employee benefit plans with 100 or more eligible participants to have audited financial statements attached to their Form 5500 filings. The definition of an active participant for 401(k) plans includes employees who are eligible, regardless of whether they elect to contribute. Smaller plans may also need an audit unless certain conditions exempting them from the audit requirement are met.
The Department of Labor has made it clear that it plans to continue increasing its scrutiny of employee benefit plan audits, so be sure you choose your auditor wisely. RFH has been providing auditing services to employee benefit plans since its inception. You can expect an audit by us to be thorough and precise, and in full compliance with the latest regulations of the Department of Labor.
RFH is also a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center (EBPAQC). The Center was established to help employee benefit plan sponsors and administrators connect with auditors committed to quality. The Center provides best practices, guidelines and tools and resources for audit firms to help them perform quality audits and raises awareness about the importance of doing so. Our membership demonstrates our commitment to excellence and providing you with the best quality audit.
