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Clayton & McKervey, P.C. has a dedicated group of Employee Benefit Plan Auditors, who provide audits that meet ERISA, DOL and IRS requirements.

Please consider Clayton & McKervey, P.C. to audit your plan. Our most competitive pricing is for audits that can be scheduled during May, June, July or August. For a quote, please call Sarah Russell or Tim Wise 248.208.8860.

Employee Benefit Plan Audit brochure

How to Prepare for Your Employee Benefit Plan Audit

As we head into spring, the audit of your employee benefit plan is likely nearing if you sponsor a plan with over 120 eligible participants. We’ve provided a short list of things you can do as a plan sponsor to help ensure a hassle-free and efficient audit of your employee benefit plan.

Provide your auditor with any new documents pertaining to the plan. This should include:

New Plan document (if applicable)
Plan amendments
Meeting minutes pertaining to the Plan
Updated Determination Letter
Updated loan policy
Changes to funds offered by the Plan
Copy of the Plan sponsor’s year end financial statements or tax return
Fraud occurrences against the Plan

Prepare the census

Include: Name, SSN, hours worked, date of hire and date of birth, compensation, employee contributions and employer contributions, if applicable. The census should include ALL employees (not just those which are deemed eligible)

Reconcile the census to payroll records

This will help ensure your census is complete and no one has been mistakenly left off

Compile a list of new hires to provide your auditor

Review distributions and make sure all paperwork is readily available

Analysis of forfeiture account

Include amounts used to offset employer contributions

The above is a brief overview of things you can do to make sure you have an efficient audit. If you need assistance or have any questions, please contact Sarah Russell or Tim Wise at 248.208.8860.

248.208.8860 | 2000 Town Center, Suite 1800 | Southfield, MI 48075