Financial Statement Audits
We perform audits on the following types of employee benefit plans: defined contribution, defined benefit, 403(b), and 401(k). The Employee Retirement Security Act of 1974 (ERISA) generally requires employee benefit plans with 100 or more participants to have an annual audit of the plan statements by an independent qualified public accountant. One of the most important duties of plan management is to hire the Independent Auditor. That’s where we can help. Our team’s collective IRS and DOL experience make us uniquely qualified for this complex area as there are various Department of Labor (DOL) and IRS regulations with which employee benefit plans must comply as it relates to ERISA.
The AICPA has published a guide to provide insight to plan sponsors on the audit requirements.
Our goal is to make the audit process as seamless as possible, therefore we believe in clear and upfront communication. We will initiate the process by sending a list of documents needed for the audit. And in an effort to make this even less burdensome on the plan sponsor, we work directly with the Third-Party-Administrator or Custodian to secure the majority of the plan documents.
We realize how important it is for employee benefit plans to adhere to ERISA and the ramifications of failing. We help minimize the fiduciary’s risks by providing assistance with their fiduciary responsibilities and with ERISA compliance. Our team can also assist with preparing for DOL and/or IRS examinations and with making corrections under the Voluntary Correction Programs (VCP).
Form 5500 Preparation
The Federal Form 5500 is a critical component of the ERISA requirements and receives a high level of scrutiny from the IRS and the DOL. Both the IRS and the DOL rely on the Form 5500 to identify potential issues and target plans to be audited. As former Auditors at the IRA and the DOL, our managing members understand the importance of an accurate and timely Form 5500. We can assist with preparing your plan’s Form 5500 and identify audit triggers to avoid.