The employee benefit plan industry is multi-faceted and dynamic. Constant scrutiny by the U.S. Department of Labor and the Internal Revenue Service and frequent accounting changes render the era of the “cookie cutter” approach to auditing benefit plans obsolete. Today’s professional plan auditors should take your employees’ benefits as seriously as you do. We provide the insight you need to manage the challenges of providing employee benefits.
Our experienced and well-trained professionals use a flexible, risk-based approach to auditing employee benefit plans. This enables us to consider all aspects of your benefit plan’s control environment while developing our audit approach. As a result, our audit will always stand up to regulatory scrutiny.
Whether your plan requires a limited- or full-scope audit or even an 11-K filing, our auditors are long-tenured and experienced in 401(k) and other types of defined contribution plan audits, including:
We also provide plan-related services, including reports on service organization controls (SOC 1, 2, and 3 reports). In addition, we also provide other non-audit services you may require, including:
As 2017 approaches, retirement plan sponsors need to be prepared for the Department of Labor's recently modified rules that affect ERISA retirement plans (as well as individual retirement accounts and even some health savings accounts). Under previously implemented rules, some investment advisors of retirement plans (those that were generally compensated via commissions and mutual fund management fees) were not held to a fiduciary standard - requiring only that their advice be "suitable" to their clients. Under the new rule, which becomes effective April 10, 2017, most investment advisors to plans (regardless of the manner in which they are compensated) will be considered fiduciaries.
A 401(k) plan sponsor has an ongoing fiduciary duty to the plan's beneficiaries.