Employee Benefit Plans

GreerWalker provides independent audit and tax services for over 100 employee benefit plans each year. Our team works with a diverse range of clients, including privately held and publicly traded companies across the Carolinas. With offices in Charlotte, North Carolina, and Greenville, South Carolina, we help businesses meet their regulatory obligations efficiently and accurately.

We work with companies that sponsor a variety of benefit plans, including:

• 401(k) and 403(b) plans
• Defined benefit pension plans
• Profit-sharing plans
• Health and welfare plans
• Employee stock ownership plans (ESOPs)

Each engagement is approached with a focus on your plan’s individual requirements.

Focused Experience in Benefit Plan Auditing

We bring focused experience in employee benefits plan auditing. Our team stays current with changing regulations and emerging issues in the benefits space.

Collaboration That Reduces Administrative Burden

We work closely with plan administrators, record keepers, and other service providers to conduct efficient audits. Our approach minimizes disruption to your operations while providing thorough examination.

Clear Communication and Actionable Insights

Clients appreciate our straightforward communication throughout the audit process. We explain findings clearly and provide practical recommendations for improvement.

The Department of Labor (DOL) actively monitors the quality of benefit plan audits. Due to the complex and regulated nature of these audits, choosing a qualified firm is crucial. The audit report must accompany Form 5500 and follow strict guidelines outlined by:

• The Employee Retirement Income Security Act (ERISA)
• The Department of Labor (DOL)
• Generally Accepted Accounting Principles (GAAP)

These requirements go beyond standard financial audit practices and demand detailed knowledge of benefit plan operations, reporting, and supplemental schedules.

GreerWalker is a member of the AICPA Employee Benefit Plan Audit Quality Center, which is available only to firms that meet the requirements specific to employee benefit plans, including specific policies and procedures for the employee benefit plan audit practice, internal inspection, and continuing education.

Every benefits plan audit requires careful attention to detail. We concentrate on areas that matter most to plan sponsors and participants.

Compliance Testing

We test your plan’s adherence to IRS and DOL requirements. This includes reviewing discrimination testing, contribution limits, and distribution procedures.

Internal Controls

We evaluate the controls surrounding plan operations, from payroll interfaces to investment oversight. Strong controls protect both the plan and its sponsors.

Participant Data

We examine participant eligibility, vesting calculations, and benefit distributions. Accurate data forms the foundation of plan operations.

Investment Oversight

We review investment policies, fee arrangements, and fiduciary processes. Investment oversight represents a significant area of fiduciary responsibility.

A plan audit is generally required when a company’s benefit plan has 100 or more eligible participants at the start of the plan year. Certain exceptions may apply, such as the 80-120 rule, but in many cases, the audit is mandatory and must be included with your Form 5500 filing.

If you’re unsure whether your plan requires an audit, we can help review your participant data and determine your filing obligations.

Contact us to learn more about our benefit plan audit services or to determine if your plan requires an audit this year.