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Surviving Your Employee Benefit Plan Audit

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Gelman, Rosenberg & Freedman Employee Beneft Plan Audit Specialist Jackie Cardello presented on the various elements of nonprofit employee benefit plan audits including:

  • Audit requirements
  • Auditor responsibilities and employer responsibilities
  • Common audit findings
  • Filing Form 5500 and audit conclusion

Ms. Cardello distinguished between small and large plans, as well as the number of participants in a plan, the definition of a participant and the 80/120 rule. Common audit findings include timeliness of employee deferrals, compliance with plan documents, non-discrimination testing, late filing of Form 5500 and the participatory aspects of human resources and financial professionals.

The presentation was hosted by the Greater Washington Society of CPAs at the 2010 Not-for-Profit Symposium.

We are now finishing our third audit with GRF.  In particular, Andreas Alexandrou and Dino Karamalikis have kept us on a track of continuous improvement in our financial processes and office management.

Wendy Gilbert |  Director
MarylandOnline