Ellen Alphonso: Employee Benefit Plan Audit Best Practices

Ellen Alphonso, CPA, is a Senior Manager at Boyum Barenscheer PLLP and a recognized expert in employee benefit plan audits, with extensive experience guiding plan sponsors through the complexities of employee benefit plan compliance. Licensed as a Certified Public Accountant in Minnesota, Ellen has led audits for retirement plans ranging from under $500,000 to over $5 billion in assets, offering a rare depth of insight across a wide spectrum of plan sizes and structures.

Known for her collaborative approach and clear communication style, Ellen excels at translating technical audit findings into actionable strategies for fiduciaries and plan management. Her work emphasizes not only regulatory compliance but also the importance of accountability, transparency, and a participant-first mindset.

Ellen leads Boyum Barenscheer’s training initiatives for employee benefit plan audits, a vital component of the firm’s ongoing compliance with its EBPAQC (Employee Benefit Plan Audit Quality Center) credentials. She also contributes her expertise as a member of the Minnesota Society of CPAs’ Audits of Employee Benefit Plans Conference Task Force, helping shape educational programming for practitioners across the state. Beyond her professional work, Ellen serves as the board treasurer for In the Heart of the Beast Puppet and Mask Theater, supporting the organization’s mission to foster creativity and community through the arts.

In this episode, Eric and Ellen Alphonso discuss:

• Prioritizing specialized expertise
• Strengthening audit scope and practices
• Addressing common pitfalls
• Leveraging auditors as partners

Key Takeaways:

• Auditors with deep experience in employee benefit plan audits reduce errors and ensure compliance. Choosing specialists, especially for first-time audits, safeguards accuracy.
• Effective audits go beyond financials to include compliance checks, reconciliations, and verification of new employee contributions, building stronger systems.
• Errors often stem from overextended HR/payroll departments, manual processes, or system changes. Proactive integration and training minimize risks.
• Strong audit firms provide more than compliance—they communicate with service providers, share best practices, assist with onboarding, and support fraud prevention through security measures.

“Absolute best practice I see in my superstar clients is they do reconciliations regularly and on an annual basis.” - Ellen Alphonso

Connect with Ellen Alphonso:

Website:  https://myboyum.com/leadership/ellen-alphonso/ 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail] 

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