Over the last decade, significant legislative and regulatory developments have affected qualified plans. To ensure compliance with these regulations, the Internal Revenue Service (IRS) and the Department of Labor (DOL) have expanded employee benefit plan audits and enforcement activities. In addition, the Employee Benefits Security Administration (EBSA) has established an ongoing review program to assess the quality of work of plan financial statements required by ERISA. The upshot of these developments is a significant increase in the oversight of benefit plans.
Government agencies have found that when audits are conducted by accountants who are unfamiliar with the intricacies of the ERISA audit requirements, numerous problems arise such as the auditors’ failure to test properly for ERISA compliance, particularly for participant data or benefits paid, and incomplete disclosure of the supplemental information required by the DOL.
Kami Painter and Paul Muret have developed a strong technical expertise for our clients whose plans are subject to audit. Each ERISA audit we perform is staffed with a team of professionals with extensive retirement plan expertise. They know how the plans work and understand the legal compliance requirements. Additionally, our voluntary membership in the AICPA Employee Benefit Plan Audit Quality Center and compliance with its stringent membership requirements demonstrate the firm’s commitment to employee benefit plan audit quality.
Our experience and expertise allow us to complete the audits in an efficient manner with minimal disruption of your personnel. We recognize that you may have several firms providing professional services. We will establish a working relationship with your other service providers and will respect all of your existing relationships.
Employee Benefit Plan Services:
- Audits of Defined Benefit plans, Defined Contribution plans (e.g. 401(k) plans, 403(b) plans), and Welfare Benefit plans;
- Full scope as well as DOL limited scope audits;
- Review of internal controls/operation reviews;
- Plan design and review;
- Review and/or preparation of IRS Form 5500;
- Consultation on reporting and filing requirements for retirement, welfare, and fringe benefit plans maintained by employers.
Our firm is a member of the AICPA E
For more information contact Kami at 918-301-1100.