When a company is audited, the auditor sent by the DOL will vary in his or her experience of conducting audits. If the person is a novice, then that often means the auditor might ask for more information, whereas someone more experienced knows exactly what they want.
Whatever process an employer chooses to follow in order to prepare for the on-site investigation, preparation, organization, and accessibility of information are critical to an efficient audit. Here are some key steps in how to make what is scheduled to be a multi-day audit into an audit that can be wrapped up in a matter of hours.
Perhaps you have heard that the DOL expressed its goal to audit all employee benefit plans by the end of 2015. A daunting task, yes, but most agree the task is logistically impossible. Are you prepared for a DOL audit? Are you prepared for the work that is involved and the fines for non-compliance?
Employers should consider taking a serious look at their group health plans, not only for compliance with the PPACA, but also with the long standing mandates for group health plans - ERISA, HIPAA, COBRA and others laws.