Generally, employee benefit plans with more than 100 participants must have an audit as part of their obligation to file an annual return/report (form 5500 series). One of the most important duties of a plan sponsor is to hire an independent, experienced and qualified certified public accountant to perform the audit.

TYPES OF PLANS

• Defined Contribution Plans (including plans with SEC Form 11k Filings)
• Defined Benefit Plans
• Profit Sharing Plans
• Health and Welfare Plans
• 403(b) Plans

Quality is a Priority

As the annual accounting and reporting requirements for employee benefit plans increase in complexity, and plans face greater scrutiny by the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS), plan sponsors should carefully select a qualified and experienced firm to perform their plan audit. Recent DOL studies of audit quality have identified significant deficiencies in many plan audits. Accordingly, the DOL has dramatically increased and revised its enforcement strategies with respect to audit deficiencies. An incomplete or inaccurate audit report could result in the related return being rejected and even penalties for the plan sponsor. A quality audit will also provide assurance to plan sponsors and participants about the integrity of the financial information reported. These issues stress the need for plan sponsors to select an experienced firm to ensure compliance with regulatory requirements.

Qualifications

As one of the largest benefit plan auditors in the Southeastern United States, auditing over 200 plans each year, LBMC gives you the confidence that you are receiving the highest quality of service from an experienced and professional team.

Our firm devotes substantial resources to its employee benefit plan audit practice. Our audit team members have extensive experience performing employee benefit plan audits and regularly receive specialized training to ensure their knowledge of professional standards related to performing quality audits of employee benefit plans. Team members also regularly attend the annual AICPA Employee Benefit Plan Conference to ensure our understanding of the latest technical and financial reporting requirements. LBMC is a member of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center. The Center provides best practices, guidelines, tools and resources for audit firms to help them perform quality audits. As a member of the Center, we continually demonstrate our commitment to excellence and the highest standards in the performance of employee benefit plan audits.

LBMC is also registered with the Public Company Accounting Oversight Board (PCAOB). The PCAOB oversees auditors of public companies to protect the interest of investors ensuring informative, fair and independent audit reports. A number of the plans that we audit annually file with the U.S. Securities & Exchange Commission using Form 11-K.

 
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