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Employee Benefit Audit Services

As employee benefit plans undergo closer scrutiny by participants and regulatory agencies, it is essential to have experienced and qualified auditors and advisors. Currently serving approximately over 300 plans, BlumShapiro has vast experience in understanding the intricacies of your plan and translating that knowledge into an effective audit. Our more than 100 professionals are trained in auditing benefit plans, and experienced in financial reporting, compliance, operations and fiduciary responsibilities. We work with a variety of plan administrators, actuaries, attorneys and investment consultants to incorporate our industry knowledge and experience into meeting our clients’ needs.

Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). A quality benefit plan audit will help protect the assets and financial integrity of your employee benefit plan. It is critical to ensure that the necessary funds will be available to pay retirement, health and other promised benefits to your employees.

ERISA Requirements

The Employee Retirement Income Security Act (ERISA) holds plan administrators responsible for ensuring that plan financial statements are properly audited in accordance with generally accepted auditing standards (GAAS). There is a significant amount of risk to plan sponsors associated with the audits of their ERISA plans. Recent Department of Labor (DOL) studies of audit quality have identified significant deficiencies in plan audits. Accordingly, the DOL has dramatically increased and revised its enforcement strategies with respect to audit deficiencies.

As members of the American Institute of CPAs (AICPA) Employee Benefit Plan Audit Quality Center, we adhere to strict membership requirements and are committed to ensuring compliance with the rules and regulations affecting your plan.

Our Benefit Plan Audit Services Include:

  • Audits of plan financial statements and schedules as required by the DOL
  • Preparation of required IRS and DOL filings
  • Assistance with IRS and DOL matters
  • Assistance with plan qualification and fiduciary responsibilities
  • Assistance with custodial and service provider matters
  • Review and preparation of Form 5500
  • Plan design changes
  • Compliance with ERISA
  • Planning and risk assessment
  • Internal controls testing
  • 403(b) audits for non-profit organizations

Contact our Benefit Plan Audit Team for more information:



Advisors | Auditors | Consultants | CPAs - Blum Shapiro is one of the premier public accounting firms in the northeast and a Top 100 CPA Firm in the U.S. Our professionals serve businesses, individuals and organizations in Boston (MA), Hartford (CT), Cranston (RI), Shelton (CT) ,Quincy (MA) and Newton (MA) with audit, tax and business consulting services. Our firm has developed practice areas in automotive, construction, education, government, healthcare, hospitality, manufacturing, nonprofit organizations and professional service firms. New Haven CT, Fairfield CT, Norwalk CT, Waterbury CT.