Failure to comply with the continually changing requirements for employee benefits can result in substantial penalties for your company. Your best approach for navigating these myriad responsibilities is the support of a highly qualified advisory team. All FD plan auditors are dedicated ERISA specialists who help you monitor, manage and mitigate issues in the benefits segment of your financial statements.
Our team also assists with plan design issues, plan operation and compliance and other general employee benefit areas. Working closely with your human resources and benefits group, our ERISA specialists strive to improve the plan’s administrative processes wherever possible.
The Department of Labor has advised plan sponsors to use only auditors who specialize in plan audits in order to reduce the extremely high error rates of unqualified auditors. In a typical year, our team of ERISA specialists performs nearly 200 plan audits for some of the country’s largest employers.
Frazier & Deeter is a charter member of the American Institute of Certified Public Accountants’ (“AICPA”) Employee Benefit Plan Audit Quality Center (“EBPAQC”). Membership requires a firm to staff dedicated ERISA audit partners and team members and to meet continuing professional education requirements specific with employee benefit plans for staff who manage ERISA audits and quality control programs for ERISA audits.
Failure to uncover deficiencies in your plan can result in fines, additional expenses to make participants whole, added costs for legal fees and even potential lawsuits. Learn how to choose a specialized auditor to ensure your employees’ 401K and other fiduciary responsibilities are handled with care.
Learn to recognize common errors that occur when choosing an employee benefits plan; establish recommended internal control measures to prevent errors; and identify the major causes.