We Can Help You Balance Compliance and Costs for Your Annual Benefit Plan Audit.
Whether you are a large employer with multiple plans or a small employer with a single plan, our experienced auditors can help you balance compliance while managing costs. Employee benefit plans are a complex, specific area of accounting and reporting. You need a team of accountants who are:
- Experienced and specialists in 401(k) audits and other employee benefit plan
- Dedicated to the changing annual accounting and reporting requirements
- Ensuring that you remain ERISA- and DOL-compliant at an affordable price
Benefit Plan Audit Services:
- Defined contribution plan audits – 401(k) plans, 403(b) plans, profit sharing plans, employee stock ownership plans
- Defined benefit plan audits – pension plans Full and limited scope audits
- Form 5500 preparation Advisory services with plan violations and DOL letter responses
- Industry Network Associations:
- Employee Benefit Plan Audit Quality Center (EBPAQC)
- Society for Human Resource Management (SHRM)
- Dallas Human Resource Management Association (DHRMA)
- BKR Employee Benefit Plan Practice Group
We Provide Peace of Mind, With No Surprises
Our Dallas-Fort Worth area accounting firm is committed to achieving the highest quality employee benefit plan audit at the most competitive fee for your company. We understand the challenges employee benefit plan administrators face, including increased responsibility and managing employee satisfaction, so we know that the last thing you want to stress over is your plan audit. We offer services that provide peace of mind, with no surprises.
Cornwell Jackson also performs several of our audit procedures electronically with a cloud-based auditing tool. This saves time on travel, coordination, couriers, etc. and allows our team to accomplish a great deal at any location- which increases efficiency and reduces the burden to our clients. We work with nearly every major retirement plan service provider in the region and our team is familiar with each companies’ processes and capabilities, which makes the audit process smoother on our clients.
Our team of trained professionals possess the specialized knowledge and experience to ensure compliance with the appropriate standards and regulations. We also attend employee benefit plan-specific training to ensure that we stay current with the ever-changing IRS, Department of Labor and accounting requirements. As a member of the American Institute of CPAs’ Employee Benefit Plan Audit Quality Center (EBPAQC), Cornwell Jackson has established quality control programs and integrated best practices resulting from years of experience.
The Department of Labor and IRS are ramping up efforts to improve compliance in corporate employee benefit plan administration. Frequent errors point to inadequate or improper administration by organizations, but also to auditors that lack the proper training and experience to conduct a technically appropriate employee benefit plan audit. Failure to make improvements can result in penalties and fines to companies and organizations — and even criminal charges in severe cases. That’s why it’s so important to choose an audit team with experience once your organization reaches 100 eligible participants.
A financial statement audit is conducted by an independent certified public accountant. The independent auditor’s overarching goal is to obtain reasonable — but not absolute — assurance that the financial statements prepared by plan management are fairly presented. To communicate that assurance, the independent auditor provides an opinion about whether the plan’s financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles as promulgated by the Financial Accounting Standards Board (FASB) (GAAP) or a special purpose framework that is acceptable to the DOL, such as the modified cash basis of accounting.
A quality audit will help protect the assets and the financial integrity of your employee benefit plan and ensure that the necessary funds will be available to pay retirement, health, and other promised benefits to your employees. A quality audit also will help you carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year. Because an incomplete, inadequate, or untimely audit report may result in penalties being assessed against you as the plan’s administrator, selection of an experienced and reliable auditor is very important.
The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has prepared this advisory to provide you, the plan sponsor, administrator, or trustee with an understanding of the importance of hiring a quality auditor to perform your employee benefit plan financial statement audit, and information to help you select a quality auditor.
Recent Benefit Plan Audit Articles:
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