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Payroll Compliance Audits
Lindquist LLP was one of the first accounting firms in the country to recognize the importance of payroll compliance audits for multiemployer (Taft-Hartley) plans.
Today, the firm conducts more than 1,600 payroll compliance audits annually and maintains a separate staff of auditors dedicated exclusively to this service.
Lindquist LLP’s payroll audit program and procedures can be adjusted as necessary for each trust. This program can be implemented at a single site or nationwide for those clients with national employer reporting environments. The firm’s payroll auditors tailor the payroll audit programs and procedures based on a thorough understanding of your collective bargaining agreements.
Benefits
Payroll compliance programs are beneficial because they:
- Enable the trustees to determine whether the plan is receiving the proper amount of employer contributions that are due.
- Help trustees determine whether the plan has accurate and complete participant records.
- Serve notice that the trustees are monitoring contribution collections.
Proven Methodology
Lindquist LLP developed its payroll audit program by drawing upon the performance of thousands of such audits over the years. This program, which has been presented at a number of International Foundation of Employee Benefit Plans seminars, represents a field-tested approach to payroll auditing.
The firm’s recommended payroll audit procedures provide maximum coverage of employer records with efficiency, accuracy and confidence. Most importantly, the procedures are flexible to meet the specific contract terminology of each trust’s bargaining agreements.
The firm’s approach to payroll auditing does not have to stop with determining the accuracy of an employer’s reporting compliance. If requested, the firm’s payroll compliance auditors can also assist the employer’s personnel in understanding the terms of the collective bargaining agreement and proper completion and reporting of participants’ data to the benefit fund.
ERISA and other laws and regulations governing the operations of Taft-Hartley funds dictate the fund trustees’ fiduciary responsibilities in administering these plans. Lindquist LLP’s compliance approach is to work closely with the fund’s legal counsel and the fund’s staff to assist the trustees in safeguarding the assets of plan participants.
Through this approach and the payroll audit procedures established by Lindquist LLP, the firm has served its clients with timely, efficient and cost-effective payroll auditing for close to 30 years.
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