ESOP & Employee Benefit Plan Audits

Why Employee Benefit Plan Audits Matter

Employee benefit plans—including Employee Stock Ownership Plans (ESOPs) and other retirement plans—are subject to strict federal regulations enforced by the Department of Labor and the IRS. Regular, independent audits are not only required by law for plans with 100 or more eligible participants, but they also:

• Protect plan participants and fiduciaries
• Ensure proper plan administration
• Detect and prevent errors or fraud
• Minimize risk of regulatory penalties

Our ESOP & Employee Benefit Plan Audit Services

With decades of experience, RP&B’s ESOP CPAs provide high-quality audit services that ensure compliance, strengthen financial reporting, and build confidence with your employee-owners. Our team combines a deep understanding of GAAP with a personalized approach tailored to the unique needs of employee-owned companies.

We offer comprehensive audit solutions for:

• Employee Stock Ownership Plans
• 401(k) Plans
• Profit-Sharing Plans

Our services include:

• Plan financial statement audits
• Compliance reviews (DOL, IRS, ERISA)
• Internal control evaluations
• Reporting and communication with plan sponsors and trustees

What Sets RP&B CPAs Apart

When it comes to ESOP audits, not all firms bring the same depth of knowledge or level of support. At RP&B CPAs, we go beyond compliance to deliver proactive guidance that ensures that your audit process is efficient, timely and accurate.

Specialized Expertise

• Dedicated team of audit specialists
• Extensive experience with complex ESOP structures and transactions

  Proactive Communication

• Year-round support, not just during yearend deadlines
• Timely updates on regulatory changes and industry trends

  Technology-Driven Approach

• Secure, efficient data collection and reporting
• Leveraging best-in-class audit technologies for accuracy and speed

The ESOP Audit Process: What to Expect

1. Planning & Preparation: We work closely with your plan administrators and trustees to gather necessary documentation and set timelines
2. Fieldwork: Our auditors analyze plan records, participant data, and internal controls
3. Testing & Verification: Comprehensive review to ensure accuracy and compliance
4. Reporting: Clear, actionable audit reports with recommendations
5. Ongoing Support: Guidance for remediation and future compliance

Frequently Asked Questions

Who needs an employee benefit plan audit?

• Plans with 100 or more eligible participants, as defined by federal law, generally require an annual audit.

Why do ESOPs require specialized audits?

• ESOPs involve complex valuation and compliance issues that demand specialized expertise.