Documentation best practices for EBP audits

April 20, 2021

The swift changes made to employee benefit plans (EBPs) because of the coronavirus pandemic make thorough documentation an important tool for EBP auditors in the current environment.

Recent EBP changes include penalty-free withdrawals for plan participants and delays of 2019 contribution deadlines for plan sponsors. Thorough documentation is the surest way for practitioners to deliver quality services that internal reviewers or regulations will easily understand.

Documentation demonstrates an understanding of the entity and the plan, with descriptions of the type of plan, the plan’s design, employees covered, employees not covered and any special requirements auditors need to know. Consider these best practices.

← View All News