Question: Our employee benefit plan (EPB) has more than 100 participants. Is it necessary to include an audit with the annual Form 5500 filing?

A: Yes. And what many finance chiefs don’t realize, says Adam S. Lilling,a partner at employee benefit audit specialist Lilling & Company on the NY Society of CPAs website, is that a substandard EPB audit can cost an organization dearly. If it finds the audit doesn’t meet DOL’s ERISA standards, the agency can fine…