Annual Retirement Plan Audits

Benefit Plan Audits – Minneapolis (MN)

Many companies offer retirement plans as an employee benefit. Not only does it provide workers an essential retirement savings vehicle, but it can also open the door to business tax saving opportunities. However, there are strict requirements which must be followed when administering a plan. ERISA outlines the rules which must be followed, including when a plan needs to undergo an annual retirement plan audit. Those companies that achieved a large plan status are subject to this requirement. This means that business owners, CFOs, Controllers, and HR Managers need to find an eligible audit firm and manage the sometimes complex audit process. For this reason, companies in Minneapolis need to find a qualified auditor with appropriate experience.

Benefit Plan Audits – Minnesota

Boyum Barenscheer CPAs has years of experience providing full scope, Section 103(a)(3)(c), and ESOP audits. We work with single employer plans with a total active participant count between 125 and 5,000. Team members undergo regular training to stay up to date on the latest regulatory changes and updates. In addition, we are a member of the AICPA Employee Benefit Plan Audit Quality Control Center (EBPAQC). The result is a more meaningful and higher quality audit process and report.

Minneapolis Employee Benefit Plan Audit Services

• 401k audits
• 403b audits (offered by tax exempt organizations)
• Profit sharing audits
• Defined benefit plan audits
• ESOP audits
• Employee benefit plan consulting

Contact Our Minneapolis Plan Auditors

Boyum Barenscheer CPAs provides benefit plan audits to companies in Minneapolis and Minnesota. If you are interested in exploring a new plan audit firm, complete the form below and a team member will follow up with you shortly.

About the Minneapolis (MN) Business Community

The Minneapolis business community is shaped by a wide range of small and mid-sized businesses, independent entrepreneurs, professional service firms, restaurants, retailers, and neighborhood-based organizations. Business activity is spread throughout the city, with commercial districts and corridors serving as important centers for employment, services, shopping, dining, and community life. The City of Minneapolis specifically emphasizes supporting thriving business districts and corridors that build on the cultural assets of their neighborhoods.

Entrepreneurship is supported by a network of city programs, neighborhood organizations, nonprofits, lenders, and business development groups. The City of Minneapolis provides business assistance for people who want to start, maintain, or expand a business. Its Business Technical Assistance Program also provides support to small businesses, while organizations such as Redesign work directly with entrepreneurs and local businesses in Minneapolis neighborhoods.

The local business environment also presents challenges. Independent businesses often have to manage rising costs, changes in customer traffic, staffing needs, construction and redevelopment, and broader economic disruptions. In response, the city and local organizations have developed programs designed to strengthen business resilience, including technical consulting, business planning assistance, marketing guidance, and support with leases and contracts through the city’s Small Business Resiliency Fund and BTAP programs.