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How to Select an Auditor for Your Employee Benefits Plan

Businesses with over 100 participants in an employee benefits plan must have an audit on an annual basis. This audit must be filed, in fact, with the annual return. Many companies turn to simple services that provide nothing more than a basic look over the plan and provide the necessary files. Yet, before you choose anyone for the job, and potentially miss costly mistakes being made, it is critically important to focus on hiring a third party professional specializing in this type of audit.

Why Does It Matter?

Sometimes, it may seem that the least expensive option is the best option, but your business is likely suffering because of what you do not know. It is critical to have a professional with ample experience step in and to ensure that the necessary funds will be available to pay for all promised benefits to employees, including retirement and health needs. This is a legal responsibility, but it is also more than that.

An accurate plan is one that helps you to achieve your goals. Your employees are happy and that leads to good productivity. It also means you spend less money paying fines or trying to fund programs you cannot.

Who Should You Choose?

When selecting an auditor for your employee benefits plan, there are several key things to look for in these professionals. First, the auditor you use must be a licensed or certified public accountant. Aside from this, there are other things you will want to look for including:

  • The overall experience level of the auditor
  • The amount of time he or she has to dedicate to the job
  • The types of services offered specifically, you may wish to continue with the auditor for other needs as well
  • The cost of the service and how it is determined
  • The organization and timeliness of the individual

Take the time to get to know the auditor you select carefully. Not just anyone will meet the stringent requirements of the government and also ensure that you have an accurate, unbiased representation of what is happening with your employee benefits plan. The right professionals, like those at Crowley & Halloran, can help you to get this legal matter taken care of and ensure that your benefits plan is working in the best possible way it can for the benefit of both you and your employees.

Here at Crowley & Halloran CPA’s, our consultants would be happy to help you plan and manage your business budget. Click here to request a proposal.

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