Employee benefit plan audits

Are the audits of your benefit plans being undertaken in accordance with ERISA guidelines and in accordance with the rules and regulations of the Department of labor?
KNAV P.A. provides full-scope and limited-scope audits of employee benefit plans. Specifically, we assist with the following types of benefit plans:


  • Defined benefit plans;
  • Defined contribution plans;
  • 401(k), 403(b), and 401(a) retirement plans;
  • Employee Stock Option Plans ('ESOP');
  • Profit sharing plans; &
  • Health and welfare benefit plans.
KNAV P.A. has experience auditing benefit plans for employers of various sizes. There are many plan types including retirement plans, health and welfare plans, and stock ownership plans that require audited financial statements to be attached to their annual Form 5500 filing. Highly customized audit procedures are performed on the plan's assets, liabilities, benefits, and participant accounts and eligibility.
KNAV P.A. assures that your benefit plan audit will be performed in accordance with ERISA guidelines and under the rules and regulations of the Department of labor. Our service excellence standards further assure that your plan audit will be performed with superior customer service for reasonable professional fees.
KNAV P.A. knows that your plans’ operations are carried out by many internal departments and third-party service providers but, 'who has fiduciary responsibility?'. This responsibility lies with plan officers who may not necessarily be involved in the plan’s daily operations. Many companies miss the fact that management must remain involved in all aspects of plan operations as a requirement of fiduciary duties. This includes regularly reviewing the activities of the service providers to protect plan assets. In addition, for benefit plans with 100 or more participants, it’s important to select an independent public accountant to oversee the activities. KNAV P.A. will provide your company with the assurance you need.
KNAV P.A.’s team of benefit plan auditors is well-equipped and thoroughly experienced to examine employee benefit plans and evaluate plan compliance. Continuing professional education is a must for all audit teams and the employee benefit plan team is no exception. In-house training, and attendance at seminars and conferences from AICPA and various state societies give our teams the latest and most relevant education on benefit plans. We have a strong technical knowledge of GAAP and ERISA requirements, as well. Your company will benefit from our ability to help you mitigate risks, while adhering to regulatory requirements. In addition, our 'culture of continuity' ensures that we maintain a strong team for you.