Employee benefit plan audits are a unique and complex area. We recognize that auditing retirement plans requires seasoned experience and knowledge. With changing rules and regulations from the Internal Revenue Service and Department of Labor, it is essential that companies choose the right audit provider for their retirement plans. Selection of an experienced and reliable auditor is very important. A quality audit will help protect the assets and the financial integrity of your employee benefit plan and ensure that the necessary funds will be available to pay retirement, health, and other promised benefits to your employees. A quality audit also will help you carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year, which if filed as incomplete, inadequate, or untimely may result in penalties being assessed against the plan’s sponsor.
Clients who select us as their audtior can benefit from our retirement plan audit experience and knowledge which is comprised of comprehension, communication and coordination. In essence, we assist clients in understanding their plans and their related audit and compliance requirements, we place high value on the communication process by emphasizing clear planning and organization to help ensure a smooth audit and we take the lead to coordinate all phases of the plan audit, including coordinating with third-party record keepers, investment trustees, payroll servicers and actuaries.
We thoroughly understand employee benefit plan audits and can provide guidance on best practices for various employee benefit plan audits, including:
- Defined contribution
- Defined benefit
- Health and Welfare/VEBA
- 401(k)
- 403(b)
In addition, we can offer suggestions to help improve the internal controls of a plan and can note areas that should be considered for compliance with the laws and regulations under ERISA.