Human Resource Managers: Do Not Retire Responsibility for Employee Benefit Plan Audits

The US Department of Labor requires all employers with more than 100 eligible employee benefit plan participants, as well as certain smaller employers, to conduct employee benefit plan audits. What many human resource (HR) professionals do not know is that they are usually the ones responsible for the preparation and oversight of the audit. Do not assume your accounting firm has the experience or the expertise to conduct your employee benefit plan audit. Select an experienced and trustworthy independent qualified public accountant to employ this process. Dust off the plan document and review carefully. It is important to understand the terms of the company's plan or plans and organize employee files and company information. Employee benefit plans are the futures of the hardworking employees that have contributed to making the company successful. The potential financial repercussions are too great if the HR plan administration is not completed properly.