The Employee Retirement Income Security Act of 1974, also known as ERISA, states that plan sponsors with 100 or more participants on the first day of the plan year must have an audit as part of their obligation to file an annual return. The audit serves to ensure that the plan’s financial statements are presented in compliance with the rules and regulations for reporting and disclosure under ERISA. Is your 401(k), pension, and/or health and welfare plan audit compliant? Is your auditor testing in areas unique to employee benefit plan audits? In recent years, the U.S. Department of Labor (DOL) has uncovered a number of deficient plan audits - and deficient plan audits often have costly penalties associated with them. Here’s what you need to know.

Benefits Beyond Compliance.  Did you know that a quality plan audit can offer a number of benefits? In addition to compliance, these may include:

• Avoiding costly penalties associated with deficient audit reports.
• Eliminating concerns related to timely report delivery.
• Ensuring the financial integrity of the plan so that the necessary funds are available to pay benefits.
• Helping plan sponsors stay abreast of changes in the regulatory environment.
• Providing more reliable information to administer and manage the plan.

Credentials and Experience - EBPAQC and PCAOB.  The first step to obtaining a high quality, compliant employee benefit plan audit is engaging an independent, certified public accounting firm - a firm with both experience and credentials. CF, Accountants and Consultants, offers more than 35 years of experience performing employee benefit plan audits. The Firm is a member of the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC), a center established to help accountants meet the challenges of performing quality benefit plan audit engagements. One requirement for membership involves continuing professional education specific to plan audits. The Firm is also registered with the Public Company Accounting Oversight Board (PCAOB) which translates into strict adherence to standards of independence and quality control.

Consider CF, Accountants and Consultants.  With the experience, credentials and a reputation for timely, cost-effective report delivery, call on the employee benefit plan professionals at CF.

For more information, contact:
Bret M. Robertson, CPA
Partner in Charge, Audit Services
bretr@cfllp.com
214.242.7406 direct