Employee Benefit Plan Audit

What is your company’s greatest asset? Ask ten companies and there is a very good chance that all ten will say "our people." Companies know that benefit plans are essential to attracting and retaining key employees, yet the Department of Labor reports that 75% of all benefit plan audits are deficient. This is understandable. The laws and compliance issues surrounding the management and administration of benefit plans are complex and constantly changing. This means poorly managed plans not only can result in employee retention issues, but also could lead to severe monetary or civil penalties.

PKM can help. Our associates understand the complex laws and compliance obligations imposed by various regulatory authorities. We have a record of working with clients to audit multiple benefit plans and to help reduce the risk of penalties or litigation. In the process, we help our clients gain knowledge about their plans, determine the most cost-efficient audit approach and offer recommendations for improvement.

PKM professionals are members of the AICPA’s Employee Benefit Plan Audit Quality Center, which requires member firms to maintain and demonstrate high quality audit services in the field, obtain continuing education in audits of plans and include plan audits in their peer reviews.