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FALL 2014 www.bdo.com GET TO KNOW BDO EXECUTIVE AND HR SERVICES SPECIAL DEFINED BENEFIT PLAN THE HIGHER COSTS OF LIVING LONGER: NEW MORTALITY TABLES ISSUED The Society of Actuaries (SOA) has issued

How to fill out employee benefit plan audit

How to fill out employee benefit plan audit:

1. Gather all necessary documentation, such as financial statements, plan documents, and participant information.
2. Review the documentation to ensure it is complete and accurate.
3. Analyze the plan's compliance with relevant regulations and laws, such as the Employee Retirement Income Security Act (ERISA).
4. Consider any potential risks or issues that may arise during the audit process.
5. Develop an audit plan, outlining the scope and objectives of the audit.
6. Conduct testing and analysis of plan transactions and activities.
7. Document findings and recommendations for any necessary improvements or changes to the plan.
8. Prepare the final audit report, including all relevant findings and recommendations.
9. Communicate the results of the audit to plan management and stakeholders.

Who needs employee benefit plan audit:

1. Employers who offer employee benefit plans, such as retirement plans, health insurance plans, or other benefits.
2. Organizations that are required by law to conduct an employee benefit plan audit, such as those subject to ERISA regulations.
3. Companies that want to ensure the accuracy and compliance of their benefit plans, and prevent any potential legal or financial issues.

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What is employee benefit plan audit?

An employee benefit plan audit is a thorough examination of the financial statements and operations of a company's employee benefit plan to ensure compliance with regulatory requirements.

Who is required to file employee benefit plan audit?

Employers who offer qualified employee benefit plans, such as 401(k) plans, are required to file an audit if the plan has over 100 eligible participants.

How to fill out employee benefit plan audit?

Employee benefit plan audits are typically filled out by qualified auditors who review the plan's financial statements, operations, and compliance with regulatory requirements.

What is the purpose of employee benefit plan audit?

The purpose of an employee benefit plan audit is to ensure the accuracy of the financial statements, compliance with regulatory requirements, and protection of plan participants' assets.

What information must be reported on employee benefit plan audit?

Employee benefit plan audits must report on the plan's financial statements, compliance with regulatory requirements, internal controls, and any findings or recommendations.