Audits of employee benefit plan (EBP) financial statements are an important service in which quality performance is imperative.� Recent studies by the U.S. Department of Labor (DOL) have found significant deficiencies in these plan audits, which is leading to increased enforcement.

In laymen's terms, more risk for plan administrators.

The DOL will reject filings because of deficient plan audits and impose costly penalties of up to $1,100 a day, without limit, on plan administrators.�

The threat of penalties alone makes the selection of a quality audit firm essential for plan administrators.

When engaging an auditor for your EBP, be sure that they are up to speed with recent developments and current with their continuing professional education in this highly specialized area.�

Auditors of EBP plans should have expertise in the following,
but not limited to:

• Unique aspects of the plan
• Issues that could affect the plan's tax status
• Evaluating the fair value of plan assets
• Timeliness of the remittance of plan contributions
• How plan provisions affect the payment of benefits to participants
  or their beneficiaries
• Allocations to participant accounts
• Prohibited transactions

Plan administrators can find helpful tools at the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) website as well as search a list of EBPAQC member audit firms.� You will take notice that Buckno Lisicky & Company is proudly on this list.�

Watch for our future email discussing steps for hiring a quality auditor
for an EBP audit.

Please contact us if you have any questions or
would like to schedule a FREE CONSULTATION.

[email protected]   [email protected]