Does your employee benefit plan need an audit report? In general, large plans with 100 or more participants must include an audit report with Form 5500, and smaller plans are exempt. But numerous exceptions exist. Benefit plan audit opinions are provided by an independent qualified public accountant who examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles. Failure to follow the audit rules can result in a civil suit against your plan. We can help you learn the rules that apply to your plan.
