Employee Benefit Plan Audits

Employee Benefit Plan Audits

Audits of qualified employee benefit plans involve more than a financial audit of plan assets. In fact, these audits take an in-depth look at an organization's compliance with a myriad of relevant regulations. Dermody, Burke & Brown's Qualified Plan Audit Team performs over fifty employee benefit plan audits annually to assure our clients that their benefit plans meet all regulatory requirements.  Whether you have one benefit plan or ten, you can benefit from our experience and dedication to client service.

  • Our team of CPAs specializes in auditing qualified retirement benefit plans. Our areas of expertise include but are not limited to 401(k) plans, 403(b) plans, defined benefit pension plans, employee stock ownership plans (ESOPs), Defined Contribution Plans (profit-sharing plans, money purchase pension plans, and other employee benefit programs), Health and Welfare Benefit Plans, and Multiemployer Benefit Plans.
  • The team implements a focused, step-by-step approach to planning and executing each audit, yielding timely and thorough results.
  • The team performs a comprehensive analysis to determine that each plan's operation complies with both its documentation requirements and any Employee Retirement Income Security Act (ERISA) provisions that may impact for-profit and not-for-profit organizations.
  • We offer both full-scope and limited-scope audits in accordance with ERISA and as required by Department of Labor (DOL) regulations. We also prepare Form 5500 - The Annual Return/Report of Employee Benefit Plans and Summary Annual Report.
  • Each team member receives extensive, ongoing compliance training, keeping them ahead of the curve on new developments and techniques. This provides peace of mind to clients, while improving audit efficiency. DB&B is an active member of the AICPA Employee Benefit Plan Audit Quality Center. Membership in the Center is voluntary and requires firms to:
    • Maintain and demonstrate high quality audit services;
    • Maintain continuing professional education in the employee benefit plan discipline; and
    • Include employee benefit plan audits in their peer review process

As part of this commitment, DB&B's team members attend the annual AICPA National Conference on Employee Benefit Plans and other seminars to keep current with emerging issues and further their expertise in this complex area. The Center also provides access to the latest developments in accounting, auditing and DOL rules and regulations through news alerts, webcasts and an online forum for members to share information and best practices.

DB&B is also a member of Allinial Global. Through this association, members benefit from an established discussion forum and can also share best practices with other firms nationwide.