Once you’ve chosen the right auditor for your plan, you can reap benefits beyond just fulfilling your fiduciary responsibility. Here are a few things to consider prior to and during the auditor’s review.
1. Improve your internal controls with the audit process
Your auditor is a great resource for information about improving internal controls. Sometimes making even a few small changes to the way you handle your plan can make a big difference in your role as plan fiduciary. And, having better internal controls can make the audit process smoother in the future.
2. Learn the latest industry developments
A strong EBP auditor works on many plans. With the breadth of knowledge across a variety of industries, your auditor can share non-confidential information with you that can keep you current. Using the information you gain can improve your company’s plan and put you in a more valuable position for your company.
3. Review contracts with third-party service providers and fee agreements
It’s hard to believe, but some auditors skip the step of contract and fee arrangement reviews. Go over these items with your auditor so that you understand if the contracts and fee arrangements you have are in the best interest of your plan. This is especially important with the DOL’s increasing attention to fees.
Another way you can add value to the audit is to schedule it for a time that is most convenient for you – a time when you can benefit from the big-picture items listed above. Call now to get priority scheduling for a summer audit.