Your employee benefit plan needs a quality plan auditor to comply with the Employee Retirement Income Security Act of 1974 (ERISA) and to protect plan participants. But a 2014 study by the Employee Benefits Security Administration (EBSA) found that nearly 40% of the employee benefit plan audits it surveyed contained major deficiencies - the highest noncompliance rate in the history of the study.
Noncompliance can lead to losing your plan's qualified status and could cause your EBP contributions, distributions, and investments to become taxable. You can reduce this risk by understanding when it's time to reassess your employee benefit plan auditor.
Why Organizations Change Employee Benefit Plan Auditors helps organizations assess their current EBP audit quality with:
Regulators continue to address concerns over the 2014 Audit Quality Study, which means compliance and quality will be focal points for years to come. Download our white paper today to learn how your organization can ensure you have the provider your employee benefit plan needs.