{"id":7155,"date":"2019-04-23T11:24:59","date_gmt":"2019-04-23T16:24:59","guid":{"rendered":"https:\/\/whitlockco.websitepreview.dev\/?p=7155"},"modified":"2019-04-23T11:53:47","modified_gmt":"2019-04-23T16:53:47","slug":"need-know-employee-benefit-plan-audits","status":"publish","type":"post","link":"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/","title":{"rendered":"What You Need to Know About Employee Benefit Plan Audits"},"content":{"rendered":"<p>written by Jacque Mattson<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignright wp-image-7160\" src=\"https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash-300x200.jpg\" alt=\"\" width=\"342\" height=\"228\" srcset=\"https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash-300x200.jpg 300w, https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash-768x512.jpg 768w, https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash-1024x683.jpg 1024w, https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash-600x400.jpg 600w\" sizes=\"(max-width: 342px) 100vw, 342px\" \/>These days, candidates are seeking much more than a salary. Offering competitive benefits can make or break your business\u2019 ability to capture the best talent. But constant changes to federal regulations governing compliance continue to become more complex, and the penalties for non-compliance can be harsh.<\/p>\n<p>We\u2019re committed to delivering our clients peace of mind, which is why we\u2019ve compiled everything you need to know about employee benefit plan audits.<\/p>\n<h4>Playing by the rules<\/h4>\n<p>There are multiple entities that govern employee benefit plans, including the <a href=\"https:\/\/www.dol.gov\/general\/topic\/retirement\/erisa\" target=\"_blank\" rel=\"noopener\">Employee Retirement Income Security Act of 1975<\/a> (ERISA), which sets the standards for retirement and health plans in private industry.<\/p>\n<p>Additionally, the Department of Labor finalized revisions to the 2009 Form 5500 requiring employee benefit plan audits, forcing businesses to undergo an audit of their plan\u2019s financial statements if they have more than 100 eligible participants.<\/p>\n<h4>Roll with the changes<\/h4>\n<p>Constant changes to regulations governing retirement and benefit plan compliance are complex, which is why your company should conduct annual audits of its employee benefit plan.<\/p>\n<p>Partnering with our employee benefit plan auditors, you can receive:<\/p>\n<ul>\n<li>Timely delivery of a competitively priced high-quality audit<\/li>\n<li>Practical recommendations on how to fine-tune internal procedures to save your organization\u2019s resources<\/li>\n<li>An efficient audit conducted with a minimum of client assistance<\/li>\n<li>Assistance in developing strategies to maximize contributions and position your plan as an employee recruiting and retention tool<\/li>\n<\/ul>\n<h4>Lending a hand<\/h4>\n<p>New accounting industry regulations requiring auditor independence have resulted in a trend toward hiring a second CPA firm for benefit plan audits. In addition to auditing clients\u2019 retirement plans, we also work with businesses who use other CPAs for their accounting and tax needs without disrupting that relationship.<\/p>\n<p>As your company grows \u2013 and emerging benefits <a href=\"https:\/\/www.metlife.com\/employee-benefit-trends\/ebts-thriving-in-new-work-world-2019\/\" target=\"_blank\" rel=\"noopener\">continue to evolve<\/a> \u2013 your employee benefit plan might be at risk. Contact The Whitlock Company to find out how to make the most of your plan.<\/p>\n<p><em>Jacque Mattson, CPA, is a Manager at The Whitlock Company, a full-service CPA firm offering a range of professional tax, audit, accounting and consulting services in the Midwest. Learn more at <\/em><a href=\"https:\/\/whitlockco.com\/\" target=\"_blank\" rel=\"noopener\"><em>www.whitlockco.com<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>written by Jacque Mattson These days, candidates are seeking much more than a salary. Offering competitive benefits can make or break your business\u2019 ability to capture the best talent. But constant changes to federal regulations governing compliance continue to become more complex, and the penalties for non-compliance can be harsh. We\u2019re committed to delivering our [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":7160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[91,35,36,108],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What You Need to Know About Employee Benefit Plan Audits by Missouri CPAs<\/title>\n<meta name=\"description\" content=\"Read about What You Need to Know About Employee Benefit Plan Audits written by The Whitlock Co. and our team of CPAs and business advisors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What You Need to Know About Employee Benefit Plan Audits by Missouri CPAs\" \/>\n<meta property=\"og:description\" content=\"Read about What You Need to Know About Employee Benefit Plan Audits written by The Whitlock Co. and our team of CPAs and business advisors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/\" \/>\n<meta property=\"og:site_name\" content=\"The Whitlock Co.\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-23T16:24:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T16:53:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5184\" \/>\n\t<meta property=\"og:image:height\" content=\"3456\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"client_admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"client_admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What You Need to Know About Employee Benefit Plan Audits by Missouri CPAs","description":"Read about What You Need to Know About Employee Benefit Plan Audits written by The Whitlock Co. and our team of CPAs and business advisors.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/","og_locale":"en_US","og_type":"article","og_title":"What You Need to Know About Employee Benefit Plan Audits by Missouri CPAs","og_description":"Read about What You Need to Know About Employee Benefit Plan Audits written by The Whitlock Co. and our team of CPAs and business advisors.","og_url":"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/","og_site_name":"The Whitlock Co.","article_published_time":"2019-04-23T16:24:59+00:00","article_modified_time":"2019-04-23T16:53:47+00:00","og_image":[{"width":5184,"height":3456,"url":"https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash.jpg","type":"image\/jpeg"}],"author":"client_admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"client_admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/#article","isPartOf":{"@id":"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/"},"author":{"name":"client_admin","@id":"https:\/\/whitlockco.com\/#\/schema\/person\/a865622af451291a8659e608ac2e054c"},"headline":"What You Need to Know About Employee Benefit Plan Audits","datePublished":"2019-04-23T16:24:59+00:00","dateModified":"2019-04-23T16:53:47+00:00","mainEntityOfPage":{"@id":"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/"},"wordCount":362,"commentCount":0,"publisher":{"@id":"https:\/\/whitlockco.com\/#organization"},"image":{"@id":"https:\/\/whitlockco.com\/need-know-employee-benefit-plan-audits\/#primaryimage"},"thumbnailUrl":"https:\/\/whitlockco.com\/wp-content\/uploads\/2019\/04\/jeremy-thomas-75753-unsplash.jpg","articleSection":["Accounting &amp; 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