As the regulatory climate deepens, you have every motivation to take your fiduciary responsibilities seriously. Likewise, more than ever before, we have placed a greater emphasis on Employee Benefit Plan (EBP) audits. In light of the rising number of lawsuits and fines, we encourage you to engage advisors who are both competent and capable of helping fulfill your obligations. Without reservation, Smith Leonard is prepared to guide you through the intricacies of EBP audits.
In support of these efforts, we remain members of the American Institute of Certified Public Accountants’ Employee Benefit Audit Quality Center (The Center), a national community of CPA firms. Membership gives us access to the best practices of other firms, and the audit guidelines and tools necessary to perform quality ERISA audits. In addition, we also leverage BDO tax and audit professionals who sit on AICPA committees and advisory boards.
Streamlined, proven audits avoid delay and confusion. We use a designated team of experienced professionals trained in EBP audits who customize document request lists and coordinate the timing of the audit procedures with the collection of records. This procedure ensures that the audit runs efficiently and effectively. At the end of each engagement, we provide feedback that improves your EBP administration, and avoids unnecessary fines or allegations of improper oversight.
Smith Leonard claims a proven track record auditing 70+ plans with assets ranging from $1 to $125 million and include the following types:
- Defined contribution 401(k) & 403(b) plans
- Defined contribution profit sharing plans
- Defined benefit plans
- Employee stock ownership plans
- Health & welfare benefit plans