Navigating The Employee Benefit Plan Audit Deadline

The initial deadline to complete an audit for Form 5500 Annual Return/Report of Employee Benefit Plan is quickly approaching on July 31, 2024, for companies that have calendar year plans. Meanwhile, an employer may require an extension by filing IRS Form 5558, which allows for an extended filing date of October 15, 2024.

Employee benefit plan (EBP) audits should not be taken lightly or viewed as unnecessary. Planning for an EBP audit should begin months in advance of the extended deadline to ensure the audit is completed on time and the plan avoids any penalties for late filing. In order to ensure an efficient, effective and timely audit is conducted, there are a handful of critical items that employers and their benefits advisors need to assemble and have available to their auditors. 

Ranked as one of the top firms in the country in terms of the number of benefit plans audited, UHY provides a range of employee benefit audit services including verification for retirement, health insurance and welfare benefits. With solution-oriented detail and support, our team provides quality attest services and valuable advice that address ERISA and established guidelines to ensure compliance with all applicable laws and regulations.

We understand that one of the most important factors in selecting your employee benefit plan auditor is the people you will work with. Our experienced benefit plan industry professionals, each possessing a "hands-on" approach, provide the necessary level of insight that you and your plan's participants deserve in a timely manner, which separates us from our competitors. Plan sponsors benefit from the guidance, making plan management more efficient and effective, whether it’s a defined contribution (401(k), 403(b), ESOP, money purchase), defined benefit, or health and welfare plans.

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