Employee Benefit Plans*
Specialized audit expertise that protects your plan, your participants, and your organization
If your organization sponsors an employee benefit plan that meets the federal audit threshold, an independent audit is an ERISA requirement, not an option. The quality of that audit matters more than many plan sponsors realize. Department of Labor reviews have found meaningful deficiency rates across the industry, and a deficient audit can expose a plan sponsor to penalties, required corrections, and added fiduciary risk. Choosing an auditor who works in this specialty year-round, rather than one who performs benefit plan audits occasionally, is one of the most direct ways to reduce that risk.
Carr, Riggs & Ingram® maintains a dedicated Employee Benefit Plan audit practice that focuses on this work throughout the year. We audit 400+ plans annually and are a member of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC), the recognized quality credential the Department of Labor references when discussing audit quality.
Why specialized EBP audits matter
Employee benefit plan audits are not a smaller version of a financial statement audit. They carry their own standards, their own regulatory scrutiny, and their own risks. SAS 136 reshaped how these engagements are performed and reported, and ERISA compliance leaves little room for error. When benefit plan audits are handled by generalist staff between other engagements, important details can be missed. A specialized team that understands plan structures, participant data, and the specific compliance obligations of a plan sponsor delivers an audit that stands up to regulatory review and gives fiduciaries confidence.
How we work
A dedicated team, not seasonal staff. Our EBP professionals focus on benefit plan audits throughout the year, so your engagement is never handed off to generalist staff pulled in during busy season.
Senior-level involvement. A partner or director-level professional stays actively involved throughout the engagement, not only at final sign-off.
A consistent relationship. You work with a team that knows your plan, your people, and your history year over year. That continuity reduces disruption and shortens the learning curve for your internal staff.
A predictable, SLA-governed timeline. Our workflow is structured so completion is projected in as quick as six weeks when records are complete and your team’s responses are timely. Actual timelines depend on plan complexity and how promptly requested information is provided, and we set a projected schedule with you at the start so expectations are clear from day one.
A standardized methodology. A documented, consistent approach applied to every engagement and built around current standards, including SAS 136.
Who we serve
We audit employee benefit plans for organizations of all sizes, from plans just crossing the audit threshold at roughly 100 participants to the largest enterprise plans with thousands. The priorities are the same at every size: a compliant, high-quality audit delivered with specialized attention and a service experience that respects your team’s time.
Plan types we audit include:
- 401(k) and other defined contribution plans
- 403(b) plans
- Defined benefit (pension) plans
- Employee Stock Ownership Plans (ESOPs)
- Health and welfare plans
- Form 11-K filings for publicly traded plan sponsors
Staying ahead of regulatory change
SECURE 2.0 provisions continue to take effect through 2027, creating new obligations for plan sponsors and, in some cases, new audit considerations. We help sponsors understand what current and upcoming changes mean for their specific plan, so nothing comes as a surprise at audit time.
Frequently Asked Questions
Generally, an employee benefit plan with 100 or more eligible participants at the beginning of the plan year must include an independent audit with its Form 5500 filing. Certain rules, such as the participant-counting method for defined contribution plans, can affect whether a plan is treated as a large filer. If you are unsure whether your plan requires an audit, we are glad to help you determine it.
The Employee Benefit Plan Audit Quality Center sets a higher bar for member firms, including dedicated training, peer reviews that specifically cover benefit plan engagements, and ongoing quality monitoring. The Department of Labor references EBPAQC membership when discussing audit quality, which is why plan sponsors and their advisors treat it as a meaningful trust signal.
A deficient benefit plan audit can lead to rejected Form 5500 filings, DOL penalties, required plan corrections, and increased fiduciary exposure. The cost of getting the audit right is almost always lower than the cost of getting it wrong.
A specialized team performs benefit plan audits continuously, stays current on evolving standards and regulations, and understands the plan-specific risks that generalist auditors may overlook. That focus translates into fewer surprises, less disruption for your team, and an audit built to withstand regulatory scrutiny.
