Are We Required to Have our Benefit Plan Audited? 2023 Update
As calendar year 2023 has closed, many administrators of benefit plans are starting to think about their upcoming benefit plan audits and 5500 filing requirements. Some benefit plan administrators may be pleased to learn that due to a change in the 2023 Form 5500, an audit may no longer be required for their plan.
Under ERISA, a “large plan” is required to have an audit of the plan’s financial statements. For plan years leading up …