Employee Benefit Plan Audits - Corrigan Krause | Ohio CPA Firm

Employee Benefit Plan Audit Group

Providing an employee benefit plan is a valuable way to invest in your team’s future while also strengthening your business. Ensuring your plan remains compliant with current regulations and adequately supports your employees is essential. That’s where the Employee Benefit Audit team at Corrigan Krause can help.

The Experts in Employee Benefit Plan Audits at Corrigan Krause

An employee benefit plan audit ensures financial accuracy, regulatory compliance, and fiduciary responsibility for a business. Our experienced Employee Benefit Audit team helps identify errors, verify that plan contributions, distributions, and reporting align with legal requirements such as ERISA and DOL regulations. Without a proper audit, businesses risk costly penalties, legal disputes, and employee dissatisfaction due to mismanaged funds. Additionally, our team provides valuable insights to improve plan administration, enhance operational efficiency, and maintain the plan’s long-term sustainability.

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Available Services

Regulatory Compliance
Plan Efficiency Review
Risk Mitigation
Financial Accuracy
Operational Assessments
Plan Improvement Recommendations
Personalized Client Service
Retirement Plan Selection
Contribution Strategies & Funding
Exit and Succession Planning

Choose a Firm that Specializes in Employee Benefit Plan Audits

By conducting a thorough audit with the Corrigan Krause team, as a business owner, you’ll demonstrate transparency, protect their employees’ financial future, and uphold your fiduciary duties, ultimately fostering trust and stability within your organization.

Here are some key areas our employee benefit plan audit team can help you and your business with:

Compliance with Legal Requirements

The Employee Retirement Income Security Act (ERISA) mandates audits for certain retirement plans, such as 401(k)s, with 100 or more participant balances.
Ensures adherence to IRS and Department of Labor (DOL) regulations to avoid penalties and legal consequences.
Helps maintain eligibility for tax advantages associated with employee benefit plans.

Accurate Financial Reporting

Verifies that plan assets, contributions, and distributions are recorded accurately.
Detects potential errors, or mismanagement of funds.
Provides assurance to employees that their benefits are being managed properly.

Identifying & Correcting Operational Issues

Helps uncover discrepancies in employer contributions, participant enrollments, or benefit calculations.
Ensures compliance with plan documents and agreements to prevent costly errors.
Provides recommendations to improve internal controls and operational efficiency.

Protecting Employees & Fiduciary Responsibility

Business owners and plan administrators have a fiduciary duty to act in employees' best interests.
An audit ensures transparency and accountability, reducing the risk of legal challenges.
Helps prevent mismanagement that could negatively impact employees’ retirement savings.

Decision-Making & Future Planning Consulting

Provides insights into plan performance, cost-effectiveness, and areas for improvement.
Helps business owners make informed decisions about plan structure and investment options.
Ensures the plan remains competitive to attract and retain top talent.

Right Retirement Plan Selection

Help businesses choose the most suitable plan, such as 401(k), SEP IRA, SIMPLE IRA, or defined benefit plans.
Evaluate tax advantages and financial feasibility for the business and employees.
Ensure the plan structure aligns with company size, industry, and long-term goals.

Tax Planning & Compliance

Advise on tax benefits, such as deductions on employer contributions.
Ensure compliance with IRS and Department of Labor regulations.

Contribution Strategies & Funding

Develop strategies for employer and employee contributions.
Assist in structuring matching contributions to attract and retain employees.
Help plan for cash flow management related to retirement fund obligations.

Ongoing Plan Administration & Monitoring

Support businesses in managing and adjusting plans as financial conditions change.
Ensure retirement plans remain cost-effective and compliant with changing laws.
Work with financial advisors to optimize investment strategies within the plan.