Many businesses and non-profits in Chicago and Illinois are required to conduct an annual retirement plan audit. Once a plan reaches 100 participants with a balance (known as a large plan), Employee Retirement Income Security Act (ERISA) regulations require an independent audit of plan operations and finances.
This ensures compliance with Department of Labor (DOL) and IRS rules and regulations. While the requirement isn’t new, many plan sponsors have struggled to find an audit firm that hits the “sweet spot.” Rather than a clearly communicated, deadline-driven audit based on open communication, many plan sponsors have experienced the opposite.
Not only does this create frustration, but it makes the audit process significantly more challenging and risks any non-compliance issues escalating.
Employee Benefit Plan Audits – Illinois
Barnes Dennig provides employee benefit plan audits to more than 170 plans annually, including 401(k), 403(b), profit sharing, defined benefit, employee stock ownership plans (ESOPs), and others. According to ERISApedia, which ranks firms based on the number of benefit plan audits conducted, we are rated as one of the country’s top 100 firms for benefit plan auditing. Beyond this, the firm is a member of the AICPA Employee Benefit Plan Audit Quality Control Center (EBPAC). Our depth of experience and focus on client services translate into a seamless plan audit experience for our clients.
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