Benefit Plan Advising & Auditing – Chicago

In general, organizations with employee benefit plans that meet Department of Labor participant thresholds may be required to obtain an annual independent audit. Requirements vary based on plan type and participant counts.

Our Benefits Practice audits a wide range of plans, including 401(k) plans, 11K filings, 403(b) plans, defined benefit pension plans, ESOPs, health and welfare plans, and profit-sharing plans 

Timing depends on the size and complexity of the plan, the quality of records available, and the responsiveness of third-party service providers. Most audits are completed over several weeks with planning occurring well in advance of filing deadlines.

Preparation typically includes gathering plan documents, trust statements, participant data, payroll records, census information, and reports from third-party administrators. Early planning can help streamline the audit process.

Common findings may include late remittance of employee contributions, participant eligibility errors, loan administration issues, incomplete documentation, and operational compliance concerns.

Yes. We routinely serve employee benefit plan clients throughout the country using secure file-sharing technology, automated audit tools, AI-enabled processes, virtual collaboration, and streamlined project management practices. These technologies allow us to efficiently perform audits while maintaining the same level of quality, communication, and responsiveness as an onsite engagement.