Employee Benefit Plan Audit
The employee benefit plan arena is constantly changing. Whether it is the IRS, DOL or other regulatory agency, the myriad of changes that are promulgated requires that the plan sponsor have the support of experienced benefit plan professionals. The regulatory agencies are always revising their rules and regulations and continually expanding their enforcement activity. Failure to keep up with these constantly changing requirements can result in substantial penalties to the plan sponsor. It is imperative that the plan sponsor address this when deciding what service providers to use with regards to the sponsor’s employee benefit plans.
Employee Benefit Plan Services Group
It is very important that the fiduciaries of an employee benefit plan understand their responsibilities with regards to the plan. One of the most important responsibilities is that of hiring a qualified independent certified public accountant to audit the employee benefit plan's financial statements. The plan auditor selected must have the proper level of industry experience and technical knowledge necessary to meet this requirement. As a leading service provider of employee benefit plan services nationally, Frazier & Deeter, LLC possesses this industry experience and technical knowledge. Frazier & Deeter, LLC has an employee benefit plan services group that is comprised of dedicated ERISA specialists that go beyond providing just the audit of the plan's financial statements. They fully understand the responsibility and risk that the plan fiduciary faces and continually stay abreast of all current industry developments. In addition to the financial statement audit they assist with plan design issues, plan operation and compliance, and other general employee benefit areas. They work closely with the plan's human resources and benefits group in improving the plan's administrative processes wherever possible. They spend 100% of their time focused on auditing and providing consulting services to employee benefit plans and utilize a tailored process that is always adjusted to fit the needs of the specific plan and plan sponsor.
Specialization in the Employee Benefit Plan Industry
Frazier & Deeter, LLC has since its inception made the employee benefit plan service areas one of its key initiatives. The area has always been viewed as an integral part of the overall audit practice. As a leader in the industry, we are a charter member in the American Institute of Certified Public Accountants' ("AICPA") Employee Benefit Plan Audit Quality Center ("EBPAQC"), which is available only to those firms meeting requirements as to: existence of a dedicated ERISA audit partner and team members, continuing professional education requirements specific to employee benefit plans for all partners and managers who manage ERISA audits, and specific quality control programs for ERISA audits.
Employee Benefit Services Provided:
Assurance Services
• Audits (Full Scope and Limited Scope) of qualified defined contribution and defined benefit employee benefit plans as required by ERISA 103(a)(3)(A) and 29CFR 2520.103-1(b)
• Audits of plans requiring filing of Form 11K
• Audits of welfare benefit plans with a 501(c)(9) or other trust arrangements
• Audits of 403(b) plans
• Plan controls recommendations and management communication
• Required governance communication
Consulting and Compliance Services:
• Preparation and review of Form 5500 and Form 5330
• Plan compliance reviews and audits
• Full HR department compliance reviews
• Plan design and development
• Assistance with plan operational issues and correction
• Plan compliance review
• Plan fiduciary review
• Plan mergers and termination
• Fee and other plan benchmarking
• HR best practices and administrative process improvement
• Tax and tax planning services
• Assistance with both IRS and DOL audits
The Frazier & Deeter Benefit
The complex employee benefits field with its ever changing requirements can be a major challenge to the plan sponsor. We have a plan audit team that specializes in the employee benefits arena and can offer a sound, efficient and effective audit approach.
Let Frazier & Deeter be your partner in providing guidance and answers to you and your employee retirement-related questions and keeping you abreast of all employee benefit plan rules and regulations.