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 are established by the IRS and Department of Labor in accordance with Employee Retirement Income Security Act of 1974 (ERISA). Federal law requires employee benefit plans with 100 or more participants to have an audit performed as part of the obligation to file an annual report (Form 5500 Series).

We are a member of the AICPA Employee Benefit Plan Audit Quality Center which requirements a commitment to provide quality audit services by adhering to management practices of additional training, quality control, and internal inspection.

A quality audit helps protect the assets and the financial integrity of your plan so necessary funds will be available to pay future retirement, health and death benefits. BMSS can provide you with a quality audit which helps you carry out your fiduciary and legal responsibilities to file a complete and accurate report for your plan each year.

As your plan’s independent auditor, BMSS is committed to helping you meet your 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 Department of Labor, we along with attorneys, third party administrators and investment advisors, help our clients maintain plan compliance.

You need professionals who value communication and emphasize organization and planning to facilitate a successful audit. We are committed to helping you establish effective internal controls over financial reporting and make recommendations to improve plan administration and operation.

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