Managing employee benefit plans comes with significant fiduciary responsibilities. As participant counts having account balances rise above 100 at the beginning of the year, such plans are required to undergo an independent audit to remain compliant with Employee Retirement Income Security Act of 1974 (ERISA) and U.S. Department of Labor (DOL) regulations.

At KNAV, we have a dedicated team which combines technical accounting expertise with industry-specific knowledge to deliver high-quality independent employee benefit plan audits that meet regulatory expectations while minimizing business disruption.

Why Your Employee Benefit Plan Audit Matters

Employee benefit plan audits go beyond compliance. They keep the integrity of your plan secured, protect participants’ interests, and provide stakeholders with confidence that reporting is accurate and transparent. A poorly operated plan and deficiently executed audit can lead to penalties and enforcement actions, delayed Form 5500 filings, and increased risk of regulatory scrutiny.

Our Approach

At KNAV, we provide a thorough audit process tailored to the size and complexity of your plan:

• Specialized Expertise – Our professionals bring extensive experience auditing defined contribution plans and defined benefit pension plans including multi and multiple employer plans.
• Efficient Audit Execution – We leverage technology driven solutions to streamline data collection, reduce manual requests and coordinate effectively with plan sponsor, third-party administrators, custodians, and advisors to minimize disruptions for your HR and finance teams.
• Regulatory Compliance – Our audits ensure compliance with ERISA, Internal Revenue Service (IRS), and DOL requirements, with proactive insights into evolving regulations that may impact employee benefit plans.
• Clear Communication – We emphasize practical, actionable recommendations to strengthen plan operations and internal controls.

Plans We Audit

• Defined contributions plans
• Defined benefit pension plans
• Multi and multiple employer plans (MEPs)