Employee Benefit Plan Audits

If your organization sponsors your 401(k), 403(b) or other pension plan, and you have more than 100 employees, you know that you’re required to obtain an annual plan audit.

With a host of high-profile company failures littering the recent history pages (Enron, Global Crossing, United Airlines), associated pension and health care fund failures have been in the headlines as well. Regulators are thus taking a harder look at the employee plan audit, expecting it to deliver not just a verdict on proper handling of transactions, but on the underlying health of the company and its ability to continue funding those plans.

It’s not just the transactions within your employee benefit plans; it’s your ability to keep promises to employees.

Auditor experience is crucial

The more rigorous process for these audits requires extensive documentation, and even more importantly, auditors with the experience to look at those underlying issues. According to the U.S. Department of Labor, the number one reason that audits fail to meet standards is auditor inexperience.

EFP Rotenberg audit professionals bring vast experience to their engagements. Each audit is conducted under the supervision of a partner, and the direct work is done by senior accountants We have extensive internal processes that ensure the accuracy and completeness of the work we do for you.

Currently our benefit plan audit service line consists of over 60 audits performed by a team of experienced and well educated professionals.

Our services are designed to meet the needs of the employee benefit plan industry:

• Audit Services for Public and Private Companies
  • 11-K’s
  • 401(k) Plans
  • 403 (b) Plans
  • Defined Benefit Plans
  • ESOP’s
  • Health & Welfare Plans
• Compliance with the Rules and Regulations of the U.S. Department of Labor and ERISA
• Form 5500 Preparation and Reviewing
• SAS 70 Testing and Reviewing through StoneBridge Business Partners
• Risk Assessments and Internal Control Testing
• Management Advisory or Consulting Services

Our employee benefit plan service line professionals gain industry knowledge through memberships of the AICPA Employee Benefit Plan Audit Quality Center and annual in-house training on benefit plans. Our client service philosophy places a high value on quality and your need for a timely response in the most cost effective manner. Our employee benefit plan team will put your needs first and will not treat you as an after thought. We strive to build a lasting relationship with our clients based on trust, experience and respect.

Internal controls are often a weak spot

One of the underlying issues in employee benefit plans is ensuring compliance with the DOL’s rules and regulations and your plan’s trust agreement. We perform internal control audits for clients as well, to be sure that policies and procedures don’t throw your plan out of compliance.