Employee Benefit Plan Audit FAQs

Is my employee benefit plan required to have an audit?

If your plan has 120+ eligible participants on the 1st day of the plan year, the plan is required to have an audit.

If your plan has less than 100 eligible participants on the 1st day of the plan year, the plan is not required to have an audit if you file Form 5500 as a Small Plan (Schedule I) rather than as a Large Plan (Schedule H).

If your plan has between 100 and 119 participants on the first day of the plan year, the plan is not required to have an audit as long as you filed Form 5500 as a Small Plan (Schedule I) in the prior year.

How do I know which CPA firm should do my employee benefit plan audit?

Ensure that your auditor is a member of the Employee Benefit Plan Audit Quality Center of the American Institute of Certified Public Accountants (AICPA EBPQC).  Additionally, your auditor should do multiple plan audits each year to ensure they are up-to-date with Department of Labor Regulations.

I’ve determined that my plan is required to have an audit.  When is it due?

Employee benefit plans are required to file Form 5500 seven months after the plan year-end.  For calendar year-end plans, this would be July 31st.

An extension of two and a half months can be granted with the filing of Form 5558.  For calendar year-end plans, this would be October 15th.