When it comes to an Employee Benefit Plan Audit, quality, precision and timeliness make the difference.

If your company has a large 401k employee benefit plan as defined by the IRS and ERISA, audits must be performed on an annual basis. PriceKubecka can help assess your company’s filing requirements and perform audits to comply with these regulations. Our experienced professionals can guide you through every stage of your employee benefit plan audit.

As an employer, you are mindful of the value employees place on their benefit plans, and we understand that you sponsor these employee benefit plans for a number of reasons including enhanced recruitment, employee retention, and most importantly, because it is the right thing to do for your staff. Although only required for larger employer plans, an annual audit of your employee benefit plan adds an additional level of assurance and protection for you and your employees.

It’s their future financial security, but accuracy is your fiduciary responsibility.

As the plan sponsor, you have a fiduciary responsibility to file a complete and accurate annual return/report for your plan each year. An incomplete, inadequate, or untimely audit report may result in penalties and possible termination of the plan. A high-quality employee benefit plan audit helps you meet that obligation.

The sponsor of a plan is the plan administrator under the law unless another individual or entity is specifically assigned to assume this responsibility. As the sponsor, it is your obligation to manage your company’s plan in a way that ensures not only compliance with all applicable laws, but also in a manner that supports its growth and minimizes its related administrative expenses, including the cost of a mandatory annual audit.

Large Plans

Typically, Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual report/return (Form 5500 Series). The Department of Labor (DOL) defines “participants” as any employee who is eligible for the plan regardless of whether they choose to contribute to the plan or not. The audit is required to be performed by a qualified Third Party CPA. The DOL has intensified its efforts to review and audit employee benefit plans for public and private companies of any size. This has created an audit process that is increasingly complicated.  PriceKubecka works with clients to assure that they follow the federal requirements for timely contributions and perform their fiduciary duties and responsibilities with respect to employee benefit plans. If you fail to manage an employee benefit plan in accordance with the Internal Revenue Code and Employee Retirement Income Security Act (ERISA) requirements, the Internal Revenue Service (IRS) and DOL may impose devastating penalties and fines. For these reasons, the selection of an experienced and reliable CPA auditor is very important.

We are very knowledgeable with the nuances of employee benefit plans and therefore, can offer you a high-quality audit.

Services that Provide Peace of Mind, With No Surprises

• Strategic 401k Audit Services 
• Independent review and insight        
• Audit planning – analytical procedures, accounting estimates, fraud considerations         
• Auditing the statement of net assets available for benefits        
• Auditing the statement of changes in net assets available for benefits         
• ERISA and DOL requirements Evaluating internal control        
• Financial statement disclosures      
• Preparing the auditor’s report         
• Special audit considerations

Our Approach

Our firm takes the attitude that an excess dollar spent on an audit represents a dollar that the plan cannot spend elsewhere. We understand that, and our team of professionals is proactive and able to give you a quick turnaround on your audit. PriceKubecka differentiates itself from other firms in the following ways:
 

Minimum Distractions – We understand audits disrupt your day-to-day operations. That’s why PriceKubecka’s experience in employee benefit plan auditing assures the most effective and efficient use of your time. Our professional auditors will work directly with you, your trustees and plan administrators in a responsive and professional manner to ensure we provide the best solution to your needs in a timely manner.

Cost Effective – Whether you are a large employer with multiple plans or a small employer with a single plan, our auditors can help you balance compliance while controlling costs. You can expect to receive a professional, thorough audit for a reasonable fee.

Experienced Team - Employee benefit plans are complex. Auditing the plans can be confusing and time consuming unless you are working with someone who has an up-to-date knowledge of the process. Our professionals are well versed in ERISA compliance and performance of ERISA-based employee benefit plan audits.

Simplified Process – Our experience across a wide variety of plans results in a streamlined process that reduces prolonged distractions to your staff. We pride ourselves in insuring our clients a fast, thorough, and cost effective quality audit. Our goal is to make the process as simple and clear as possible.

Shortened Time at Client Site – We minimize our audit team’s physical time on-site by acquiring pertinent information and performing compliance testing from our offices.

Audit Efficiency- Efficient customized engagement procedures are designed for each audit to minimize the costs and time required of your company’s accounting and HR personnel. We also work with many local and national plan administrators to facilitate the receipt of plan data for the audit process. Our firm’s experience with other plans also enables us to review your plan and provide operational solutions to your staff.

Expertise – Our professional team understands the qualification requirements and is always aware of such issues as prohibited transactions, deemed distributions and reporting failures.
 

Adds Value – We increase value wherever we can, with an annual report of recommendations and updates on pertinent regulatory developments throughout the year. We emphasize quality and value every step of the way.

Scope of Services

We perform both limited-scope and full-scope audits and Form 5500 preparation services, if required. As long as the DOL continues to accept limited-scope opinions, we will continue to perform them where available. This approach reduces audit fees, thus allowing the plan or the company to use those funds elsewhere.

 We provide audits for a variety of employee benefit plans, including:     

• Defined Contribution Plans, including 401k and 403b  
• Defined Benefit Retirement Pension       
• Profit Sharing and Employee Stock Option Plans (ESOP)        
• Welfare Benefit Plans

Our Goal

Our goal is to help businesses continue full compliance with employee benefit plan audit requirements, thus enabling them to maintain plans that foster and strengthen relationships with their employees.  PriceKubecka professionals are at the leading edge in the industry by providing exceptional customer service and anticipating the changing needs of tomorrow.

AICPA Employee Benefit Plan Audit Quality Center 

To help CPAs meet the challenges of performing quality audits in this unique and complex area, the AICPA has established the Employee Benefit Plan Audit Quality Center, a firm-based voluntary membership center for firms that audit employee benefit plans. Employee benefit plan audits include pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL). The website includes resources available to non-members, including a Plan Sponsor Resource Center.