Is Your Employee Benefit Plan Audit Adding Value?

Nashville, Tenn., March 13, 2025 (GLOBE NEWSWIRE) -- CEOs need to make sure their companies stay in compliance and make the most of their audit process as an important Employee Benefit Plan Audit (EBPA) filing deadline draws near at the end of July. The ideal audit partner offers strategic insights, lowers risk exposure, and improves financial transparency in addition to checking compliance boxes. CEOs and CHROs must collaborate to assess their audit providers and internal procedures considering the Department of Labor's (DOL) and IRS's heightened regulatory scrutiny. LBMC experts share five important questions CEOs should ask CHROs to guarantee a successful and seamless EBPA.

Do We Have a Top-Tier EBPA Provider on Our Side?

Not every auditing firm is equal. Working with a company that specializes in EBPA and is regarded as a leader in the sector is essential due to the intricacy of benefit plan audits. For instance, a top 25 EBPA provider offers a wealth of industry best practices, a successful audit history, and a track record that passes regulatory inspection.

What to search for:

• A company that audits a large number of employee benefit plans every year.
• Committed EBPA experts with extensive knowledge of pension, 401(k), ERISA, and other benefit plans.
• A track record of compliance with no significant audit flaws or DOL sanctions.

Download LBMC's Employee Benefit Plan Audit Guide.

Are We Ready for the Filing Deadline in July 2025?

The July 31 Form 5500 filing deadline is approaching, and while extensions are available until October 15, staying on track helps ensure a smooth, stress-free process. CEOs should discuss with their CHROs whether they have a well-defined audit schedule and if their provider can meet key deadlines.

Important things to consider:

• Has the audit team provided a clear delivery schedule?
• Are there any potential obstacles that could delay completion?
• Have we conducted a pre-audit review to identify possible issues early?

How Are Fiduciary Liabilities and Compliance Risks Being Mitigated?

With increased DOL audit enforcement, ensuring that all plan-related procedures meet professional standards is critical. A strong audit partner proactively identifies compliance weaknesses before they lead to costly fines or legal issues.

Discussion points with your CHRO:

• Have we previously faced any IRS/DOL inquiries or compliance concerns?
• Are we staying up to date on participant disclosures and plan documentation?
• Does our audit provider offer insights on best practices and potential risk areas?

Do We Get the Most Out of Our EBPA Process?

A top-tier EBPA provider does more than ensure compliance-they offer strategic insights that enhance plan operations, improve efficiency, and elevate employee satisfaction.

To assess the value of your provider, ask:

• Do they offer benchmarking insights so we can evaluate our plan's performance against industry standards?
• Are they leveraging technology to improve reporting and audit efficiency?
• What do their long-term clients say? The best referrals come from those who have been through the process. "When trust is built, clients don't worry about the details-they know their provider has their back. As one of our clients shared, 'I'm not up at night thinking about these things. I know LBMC has it handled.' That trust says it all,” says Mark Blackburn, LBMC Audit Shareholder and Employee Benefit Audit Plan group leader.

What Are the Questions We Should Ask but Aren't?

A great audit provider does more than just respond to your inquiries; they also foresee problems, spot opportunities, and keep you informed about changes in the law. To make sure no important issue is missed, CEOs should push CHROs to have proactive discussions with auditors.

Next steps that can be taken:

• Make an appointment with your audit provider for a preliminary check-in to talk about impending regulatory changes.
• Make sure your audit firm has a dedicated staff to provide prompt assistance.
• If your present company isn't providing the necessary insights and value, consider other providers.

Selecting the best Employee Benefit Plan Audit firm is more than just a compliance exercise. Now is the time to evaluate your firm's preparedness and make sure your audit team is providing the knowledge and value your company needs as the July 2025 deadline draws near.

Searching for a knowledgeable EBPA provider that is in the top 25 in the country? Our group is prepared to assist. To arrange a consultation, get in touch with us.

About LBMC

LBMC is one of the Southeast's largest accounting and business consulting firms and an Accounting Today Top 35 Firm in the Nation serving more than 11,000 clients with diverse needs across a spectrum of industries. Primary client groups include privately-owned and private-equity-backed middle market companies in the healthcare, manufacturing/distribution, real estate, and technology spaces. At the forefront of innovation, LBMC leverages advanced business intelligence and AI technologies to drive growth, efficiency, and strategic insights for our clients. Founded in 1984 as a traditional accounting firm, LBMC today is an industry leader in audit, tax, advisory, technology, human resources, and wealth advisory services for businesses and individuals. LBMC has more than 900 team members, with offices in Nashville, Chattanooga, Knoxville, and Memphis, Tennessee; Louisville, Kentucky; and Charlotte, North Carolina and remote offices. For more information on LBMC's experts and comprehensive services, visit our website or call 615.377.4600. Discover career opportunities or learn more about how LBMC's services and culture can support your business goals. Connect with us on LinkedIn for the latest insights on talent, client engagement, and business growth.

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• Avoid Compliance Pitfalls: 5 Employee Benefit Plan Audit Questions CEOs Need to Ask CHROs

CONTACT: Lisa Namm

LBMC

6153092356

[email protected]