The Complexities of an Audit from the DOL Necessitate the Urgency for Employers to Have a Reference Guide In Hand.
United Benefit Advisors (UBA), the nation’s leading independent employee benefits advisory organization, today announces the release of its updated white paper, “Don’t Roll the Dice on Department of Labor Audits,” a resource to guide employers through the process of an audit from the U.S. Department of Labor (DOL). Gleaned from DOL audit experts with years of experience, the revised white paper for 2016 includes new and valuable information about:
- How to prepare for an audit
- The best way to acclimate staff to the audit process
- What the DOL wants
- The most important elements of complying with requests
- 7 common mistakes that could trigger an audit
“UBA's original white paper was written specifically as a starting point to help employers prepare for a DOL audit. These revisions have further enhanced the value of this document and made it as up-to-date as possible,” says Les McPhearson, CEO of UBA. “DOL audits should not be taken lightly, but with proper planning and preparation they can be manageable. While UBA's white paper is an excellent reference, it is not meant to replace the invaluable expertise of a qualified advisor.”
A DOL audit is not a simple process and usually takes a company approximately one to two weeks to prepare, depending on the size of the business and how well they are organized, says UBA. Part of that preparation is building an audit binder with known documents. Contact your local UBA Partner Firm for a generic list of most documents needed for a DOL audit.
In addition, there is usually a specific set of steps to take once an employer receives an audit letter from the DOL. This newly updated white paper will detail those steps and more including how to plan ahead, conduct a self-audit, educate appropriate staff, and resolve any issues.
Download the white paper, “Don’t Roll the Dice on Department of Labor Audits” now at http://bit.ly/1FZrNZj.
For additional resources and guidance, including a comprehensive DOL Audit Checklist, please contact your local UBA Partner Firm. By using UBA's white paper as a reference along with the advice from a UBA Partner Firm, an employer should be able to face a DOL audit with absolute confidence.
About United Benefit Advisors®
United Benefit Advisors® (UBA) is the nation’s leading independent employee benefits advisory organization with more than 200 offices throughout the United States, Canada and the United Kingdom. UBA empowers more than 2,000 Partners to both maintain their individuality and pool their expertise, insight, and market presence to provide best-in-class services and solutions. Employers, advisors and industry-related organizations interested in obtaining powerful results from the shared wisdom of our Partners should visit www.UBAbenefits.com.