Do you need an ERISA audit?
An audit of your retirement plan is beneficial for many reasons. An audit will ensure that the financial assets of your plan are being handled properly, will evaluate whether your plan is operating as designed, and can give assurance to the plan participants that their directions are being followed by plan managment.
Most companies do not voluntarily request an audit even though it can be beneficial to the plan participants. Most companies engage an auditor becuase the Department of Labor requires them to do so; and audit may be required if your plan has more than 100 eligible participants. SMC can assist you in determining if you are required by law to have the plan audited.
Why do you need to engage a CPA firm?
Federal law requires that an audit of an employee benefit plan must be conducted by an auditor that is certified or licensed by a State regulatory authority. It is also important to engage an auditor that has experience in auditing employy benefit plans. These audits should be conducted differently from a financial statement audit, and require specific testing of a variety of items.
Why should you select Sharrard, McGee & Co. for your ERISA Audit?
EXPERIENCE.....Sharrard, McGee & Co., P.A. has been in public practice since 1976, and has audited employee benefit plans for many years. The practice has grown over the years - currently we have two locations with over fifty employees dedicated to serving our clients. We audit several types of plans including defined contribution and defined benefit plans, health and welfare plans and employee stock option plans.
KNOWLEDGE....Sharrard, McGee & Co., P.A. is a member of the Employee Benefit Plan Audit Quality Center (EBPAQC) authorized by the AICPA. The EBPAQC imposes additional guidelines for auditors to follow. These employee benefit plan audit guidelines include establishing policies and procedures, making peer reviews publicly available, and designating a partner to have firm-wide responsibility for the quality of the employee benefit plan audit process. SMC is on of only 600 firms in the United States that has elected to be part of this program.
RESOURCES.....Sharrard, McGee & Co., P.A. is also a member of AGN International, an association of independent accounting firms. As a member of this group, SMC is able to collaborate with other firms on a variety of issues through the use of share groups, training and other methods of communication regarding industry best practices, allowing our firm to evaluate our procedures in comparison with other firms throughout the country.
What procedures are performed in an employee benefit plan audit?
The type of audit procedures performed varies depending on the type of employee benefit plan being audited. Generally, the audit includes evaluating the plan's internal controls, reviewing information prepared by your third party plan administrator and the custodians of the plan's assets, reviewing the plan documents for plan specifications and testing to see if these specifications are being properly implemented by plan management.
Who should you contact?
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