Our payroll compliance audits begin with a thorough comprehension of the existing collective bargaining agreements. We customize our payroll compliance audit program to suit the unique needs of every client.
A payroll compliance audit involves examining the employer's records to ascertain if their contributions to the plan adhere to the collective bargaining agreement and the governing trust document. This constitutes a component of our broader payroll compliance audit initiative.
As stipulated by the Employee Retirement Income Security Act of 1974 (ERISA), trustees are entrusted with the duty of collecting accurate contributions. Payroll audits offer confidence in the accuracy of these contributions. Additionally, ERISA mandates an annual audit of the fund by an independent, certified public accountant. The Department of Labor (DOL) requires an unqualified opinion, except for plans with a limited scope audit exemption from the DOL. Payroll audits offer assurance regarding the accuracy of contributions made.
Payroll compliance audits identify if the plan is receiving the correct employer contributions. They ascertain if the plan possesses precise and comprehensive participant data utilized for benefit calculations. They also act as a notification to employers that trustees are overseeing contributions. Moreover, they aid in preventing a qualified opinion on the plan's financial statements by supplying the essential evidence to the plan's auditor concerning the appropriateness of recorded employer contributions.
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