Taren Elso's Accounting Blog

When it comes to managing employee benefit plans (EBPs), accuracy, transparency, and compliance are non-negotiable. For U.S. businesses offering retirement plans like 401(k)s, conducting annual audits isn’t just a best practice—it’s a federal requirement under the Employee Retirement Income Security Act (ERISA) once the participant count hits a specific threshold. That’s where EBP Audit Services come in as a critical solution for financial compliance and operational peace of mind.  More than a regulatory necessity, these specialized audits can enhance your internal controls, uncover inefficiencies, and build trust with plan participants and stakeholders. Let’s explore how EBP Audit Services help U.S. businesses stay compliant while creating a stronger financial foundation. 1. Ensuring ERISA and DOL Compliance Employee benefit plan audits must adhere to strict regulations set by the Department of Labor (DOL) and ERISA. Professional EBP Audit Services ensure your plan is properly te...

  If your business offers a retirement or health plan, you’re not just managing employee benefits—you’re carrying fiduciary responsibility and facing a landscape of ever-changing compliance rules. For companies nearing or surpassing 100 eligible participants in a benefit plan, an Employee Benefit Plan Audit isn’t optional. It’s a federally mandated process, and more importantly, it’s an opportunity to tighten internal operations, boost transparency, and protect your business and its people. But there’s more to the audit than just checking a compliance box. A properly conducted Employee Benefit Plan Audit can help uncover risks, streamline benefit administration, and even improve employee trust. Let’s explore how this often-overlooked requirement can actually drive real value for your organization. 1. More Than Compliance—It’s Fiduciary Responsibility The Employee Retirement Income Security Act (ERISA) mandates audits for benefit plans with 100 or more eligible participants. A profe...