Companies that offer a retirement plan including defined benefit and contribution plans may be required by the Employment Retirement Income Security Act (ERISA) to perform an annual audit of the plan. While small plans are exempt from this requirement, generally speaking, plans with over 120 total participants throughout the year are required to have an audit completed. The requirements for conducting the audit are clear, but the key issues and questions to consider when hiring a benefit plan auditor are not. There are literally hundreds of firms in the marketplace that can conduct such an audit and unfortunately, they do so with varying degrees of proficiency as not every provider has the same level of skill and efficiency that’s needed. When the time comes to identify an auditor, it’s important to create and issue a comprehensive Request for Proposal (RFP). This will ensure your company gets the information needed to make an informed decision. To help identify the components of a comprehensive RFP, Wilson Lewis has provided a summary of key information below.
Key RFP Elements
Be sure to identify the partner in charge of the audit (and the plan audit practice), hours of relevant training, and expected levels of staffing and supervision through the engagement.
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A comprehensive RFP is essential to helping your company find the best fit for its plan audit needs. The more information provided, and questions asked, the easier it will be to manage the process. If you have questions about preparing a benefit plan audit RFP or need assistance with your next plan audit, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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