Employee Benefit Plan Audits
We perform ERISA Section 103(a)(3)(C) and non-Section 103(a)(3)(C) audits for 401(k), profit sharing, pension, ESOP, and health & welfare plans — accurate, on time, and built to satisfy the DOL and your plan participants.
Overview
If your employee benefit plan has grown past the audit threshold, the annual plan audit can feel like one more deadline with real penalties attached. Pease Bell audits 401(k), profit sharing, pension, ESOP, and health and welfare plans for sponsors across the country, and we treat it as a dedicated specialty — not a seasonal afterthought. We perform ERISA Section 103(a)(3)(C) and non-Section 103(a)(3)(C) audits, and from our Cleveland, Ohio base we help plan sponsors nationwide meet ERISA and Department of Labor requirements, work cleanly alongside your recordkeeper and third-party administrator, and get an accurate Form 5500 filed on time. You get senior attention, clear communication, and an audit your trustees and participants can rely on.
How we help plan sponsors
One dedicated team across the full plan-audit engagement — coordinated with your recordkeeper and third-party administrator.
ERISA & non-Section 103(a)(3)(C) plan audits
ERISA Section 103(a)(3)(C) (limited-scope) and non-Section 103(a)(3)(C) (full-scope) audits for 401(k), profit sharing, ESOP, and health & welfare plans.
Defined benefit & pension plan audits
Audits of defined benefit and pension plans, including the actuarial, funding, and benefit-payment testing these plans require, coordinated with your actuary.
Financial statement preparation assistance
Assist with preparing the plan's GAAP financial statements and related footnotes, ready to attach to your Form 5500.
Plan internal control review
Reviewing the controls over eligibility, contributions, distributions, and census data that your plan and its audit depend on.
Form 5500 preparation
Preparing and filing the Form 5500 and required schedules — accurate, complete, and ahead of the Department of Labor deadline.
DOL & IRS representation
Representing plan sponsors in Department of Labor and IRS examinations, correction programs, and inquiries.
Plan consulting & advisory
Practical guidance on plan operations, fiduciary responsibilities, and staying compliant as your plan and workforce grow.
Contact Us
Tell us about your organization and a member of our team will be in touch.
The pressures we help you manage
Plan sponsors carry real fiduciary and reporting risk. We help you stay ahead of the issues that most often complicate a benefit plan audit:
- ✓Crossing the audit threshold — the roughly 100 participant-account trigger and the 80–120 rule that decide whether an audit is required this year.
- ✓First-time plan audits — new filers facing an audit for the first time, and the responsibilities that come with it.
- ✓SAS 136 changes — the reporting model and expanded sponsor responsibilities that reshaped how plan audits are performed and reported.
- ✓Late or deficient Form 5500s — DOL rejection and per-day penalties when the audit or filing is incomplete or missed.
- ✓Census & contribution accuracy — eligibility, compensation definitions, and timely-deposit issues that surface in nearly every plan audit.
Why plan sponsors choose Pease Bell
A dedicated EBP audit team
Benefit plan audits are a focused specialty here, not a seasonal side task. You work with people who do this work all year and know where plans get tripped up.
Delivered before your deadline
We plan early and communicate throughout, so your audit is complete in time for an accurate Form 5500 filing — not a last-minute scramble in October.
One firm, start to finish
Audit, the plan sponsor's tax work, and recordkeeper SOC review all live under one roof, so your advisors talk to each other and nothing falls through the cracks.
Employee Benefit Plan Audit Team
Employee benefit plan insights
Guidance from our team on the audit, reporting, and compliance issues plan sponsors face.
- First-year audit
Your First-Year 401(k) Audit: What to ExpectA practical walkthrough for plans facing an audit for the first time.
- SAS 136
SAS 136 Employee Benefit Plan Audits: Findings & Sponsor DutiesWhat the SAS 136 reporting model means for plan sponsors.
- SOC reports
SOC 1 vs SOC 2: Which Report Do You Need?Why your recordkeeper's SOC 1 report matters to your plan audit.
- Risk assessment
SAS 145 Risk Assessment: First-Year LessonsHow current audit risk-assessment standards shape fieldwork.
Employee benefit plan audit FAQs
When does a 401(k) or other benefit plan need an audit?
Generally, a plan needs an audit once it has around 100 or more eligible participants at the start of the plan year. The "80–120 rule" lets plans between 80 and 120 participants continue filing as they did the prior year, which can defer a first audit. Since 2023, the count for defined contribution plans is based on participants with account balances, which changed the math for many plans. Because the rules are nuanced, we confirm your filing status early.
What is a limited-scope (ERISA Section 103(a)(3)(C)) audit?
It's an audit where certain investment information certified by a qualified institution (such as a bank or insurance company) is not audited, while everything else is. Formerly called a "limited-scope" audit, it was renamed the ERISA Section 103(a)(3)(C) audit under SAS 136. It is still a full audit with an opinion — the certified investments are simply handled differently — and it is often the most cost-effective option when your custodian provides a proper certification.
How did SAS 136 change benefit plan audits?
SAS 136 reshaped how plan audits are performed and reported. It replaced the old limited-scope disclaimer with a formal opinion, expanded the plan sponsor's written responsibilities (including providing a substantially complete draft Form 5500), and added specific procedures and reporting of findings. In practice it means more upfront involvement from the sponsor and clearer communication throughout the engagement.
When is the Form 5500 due?
For a calendar-year plan, Form 5500 is due July 31 — seven months after plan year-end — with a 2½-month extension available to October 15 by filing Form 5558. The audited financial statements are attached to the Form 5500, so the audit has to be complete before you file. Missing the deadline can trigger significant Department of Labor and IRS penalties, which is why we plan around your filing date.
This is our first plan audit — what's involved?
A first-year audit covers the current year plus procedures over the plan's opening balances, and it leans on records from your recordkeeper and third-party administrator — census data, the trust report, contribution records, and plan documents. Under SAS 136 you'll also provide a draft Form 5500. We front-load planning and the document request so first-time sponsors aren't caught off guard, and we explain each step as we go.
Why choose Pease Bell for your plan audit?
Because benefit plan audits are a dedicated specialty here, backed by the depth of a Top 200 U.S. CPA firm. You get senior-level attention, an audit completed in time for an accurate Form 5500, and a team that also handles the sponsor's tax and the SOC review your audit relies on. From our Cleveland, Ohio base we serve plan sponsors in all 50 states — full-service depth with a boutique, responsive touch.