Taren Elso's Accounting Blog

Offering retirement and health benefits is a great way to attract and retain top talent. But with these perks come significant responsibilities—especially fiduciary and regulatory obligations that must be met to remain compliant under federal law. For businesses approaching or exceeding 100 eligible participants in a benefit plan, an Employee Benefit Plan Audit is not just a good practice—it’s a legal necessity. While many employers view audits as a routine task to satisfy Department of Labor (DOL) or IRS requirements, forward-thinking companies recognize the audit as a strategic opportunity. With the help of experienced EBP Audit Services, your organization can strengthen internal controls, identify inefficiencies, and improve employee confidence. This article explores why a comprehensive Employee Benefit Plan Audit is essential, how EBP Audit Services support compliance and governance, and why businesses should view these audits as an investment in operational integrity—not just a ch...

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 audit—especially when delivered through professional EBP Audit Services—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 More Than Compliance—It’s Fiduciary Responsibility The Employee Retirement Income Security Act (ERISA) mandates audits for benefit plans with 100 or m...

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 employee benefit plan 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, a professional employee benefit plan audit 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 S...