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Process

  • Planning and supervision

    An audit plan consists of complete audit strategy, organization and experienced staffing, establishing a documented understanding with a client regarding scope of services to be performed, deliverables, timing, plan administrator responsibilities and auditor’s responsibilities.

  • Risk assessment and materiality

    An audit plan includes risk assessment of high risk areas that an auditor may consider to perform extended audit procedures and calculate preliminary materiality threshold to aggregate misstatements in the plan’s financial statements.

  • Internal controls

    An auditor review internal controls to assess high risk areas and to plan audit test procedures accordingly.

  • Audit Testing

    Based on risk assessment and understanding and testing of controls, an auditor decides extent and timing of audit procedures, whether they are analytical or substantive detailed procedures.

  • Evaluation

    Based on audit procedures performed, an Auditor assess if audit procedures performed support low level of risk for each respective audit area, and support fairness of financial statements.

  • Audit report

    Finally the auditor comes up with a written audit report.

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Benefits

Financial Integrity

Help to protect plan's financial integrity and provide the employees a peace of mind.

Required Funds

Helps users determine whether the required funds will be available to pay retirement, health and other promised benefits to participants.

Accurate Information

Helps plan administrator improve and streamline plan operations by evaluating plan's internal control over financial reporting and identifying possible control weaknesses or errors in plan operations.

Legal & Fiduciary Responsibilities

Helps plan sponsor carry out its legal and fiduciary responsibilities to file a complete and accurate Form 5500 for the plan with the Department of Labor.

Why choose us as independent auditor of your employee benefit plan ?

Employee benefit plans must follow uniquely complex regulatory requirements from multiple government agencies and are under greater scrutiny than ever before. AFS is one of the few public accounting firms with a dedicated employee benefit plan audit practice, comprised of professionals with the technical skill and knowledge that these specialized engagements demand. We understand the complexities involved - from compliance with laws and regulations to coordination between plan sponsors and various service providers.

Our employee benefit plan audit services cover numerous plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor. Whether your plan requires a full-scope audit or is eligible for the limited-scope audit exemption, our professionals have experience with a wide-range of employee benefit plans including:

• 401(k) plans
• Profit sharing plans
• 403(b) plans
• Employee stock ownership plans (ESOP)
• Defined benefit pension plans
• Cash balance pension plans
• Health and welfare plans

A quality audit, performed with accuracy by an experienced audit firm, provides vital protection for your employee benefit plan, its participants and its administrators. It is in your best interest to secure the services of an audit firm with the experience and expertise necessary to complete an EBP audit as per the professional standards and DOL guidelines.

why

Are you looking for a CPA firm to audit Employee Benefit Plan?

Just get in touch for free consultation now

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