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Ext. PublicationLabor & Benefits: How to Prepare for a Successful Audit | Podcast
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Audit preparation doesn’t begin with the request list — it starts months in advance. In this episode of Weaver: Beyond the Numbers, Kristen Deere speaks with Emily Milligan, senior director in the Compensation and Benefits Practice at Alvarez and Marsal. Together, they break down what it takes to approach your employee benefit plan audit with confidence, clarity and year-round organization.
Key Points:
- Key steps to prepare for your audit
- Best practices for smooth audits and plan management
- How to avoid common pitfalls in benefit plan audits
Kristen and Emily begin by outlining the essential steps that sponsors should take as audit season approaches. This includes scheduling a planning meeting early with your auditor and service providers to review year-to-date changes and align on deadlines. Emily emphasizes, “Preparing year-round is such a huge thing. If you take small steps throughout the year, it can really minimize the work to do at the beginning of the audit so that you’re not as stressed.”
Beyond planning, the conversation highlights practical tips for maintaining audit readiness consistently. This includes conducting regular payroll and plan reconciliations, saving documentation in real time and monitoring internal processes — all of which can help reduce surprises and errors during the audit itself. In addition to compliance, documentation can save hours of effort when responding to auditor requests or regulatory inquiries.
Kristen and Emily also share ways to avoid common audit pitfalls, like failing to save reports before switching providers, losing access to historical data or ghosting your auditor. With proactive habits and open communication, companies are able to not only meet audit requirements but also strengthen plan governance and compliance over time.
Subscribe and listen to future episodes of Weaver: Beyond the Numbers, on Apple Podcasts or Spotify.
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