Employee Benefit Plan Audits

BMSS provides Employee Benefit Plan Audit Services for Defined Contribution (401(k), 403(b), Profit Sharing, ESOP) and Defined Benefit Plans. Audit requirements established by the IRS and Department of Labor (DOL) in accordance with Employee Retirement Income Security Act of 1974 (ERISA) and federal law requires plans with 100 or more participants to have an audit performed as part of the obligation to file an annual Form 5500 Series.

A quality audit helps protect the assets and the financial integrity of a plan so necessary funds will be available to pay future retirement, health and death benefits.

The more training and experience an auditor has with employee benefit plans, the more familiar an auditor will be with plan practices, operations and requirements as well as auditing standards and rules specifically related to the DOL and the IRS.

BMSS, known for having one of the premier auditing practices in Alabama, performs well over 100 audits and 25 employee benefit plan audits annually.  We devote significant resources to train and educate staff with respect to employee benefit plan audit standards and as such, our staff is aware of the intricacies of plan audit engagements.

We are committed to meeting the highest standards of corporate governance, quality control, and industry best practices.  As a member of the AICPA Peer Review Program, we meet our industry standards of quality control and have passed each of our peer reviews. Membership in the AICPA Center for Audit Quality and Employee Benefit Plan Audit Quality Center involves voluntarily adhering to additional training, quality control, and internal inspection and is a testament to our dedication to achieve audit quality.

BMSS can provide experienced, knowledgeable professionals with auditing skills who value communication, organization, and planning to quickly adapt to our clients’ changing needs.

As the plan’s independent auditor, BMSS is committed to helping clients meet annual financial reporting requirements. In addition to providing an accurate, reliable report in a cost-effective manner, we assist clients with understanding their plans and the related filing and compliance requirements.

With constant changes in the rules and requirements provided by the IRS and the DOL, we work with clients and their plan service providers (e.g., third-party record keeper, investment trustee and payroll service) to effectively coordinate all phases of the audit.

Some areas that we focus on include:

  • Eligibility Requirements
  • Hardship Withdrawals
  • Plan Participant Loans
  • 401(k) Provisions
  • Timely Deposits
  • Plan Distributions

BMSS Employee Benefit Plan Auditing Professionals