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Employee Benefit Plans

Do I Need an Audit of our Employee Benefit Plan

According to federal law, a business that maintains an employee benefit plan consisting of 100 or more participating employees is required to have an annual audit by a qualified public accountant.

If you have never had a 401(k) audit done, then the initial process will likely overwhelm you. Our 401(k) audit professionals will help you to get through your audit in the quickest time possible.

Serving businesses throughout the United States, our team of experienced 401(k) specialists will provide you with cost-effective 401(k) audit services. Our team will typically have your audit completed within a few weeks, as opposed to several months (a typical time frame for many other firms).

·        Specialization – We specialize in 401(k) audits and our team possesses the knowledge and expertise to perform your audit properly and efficiently.

·        Time Saved – We do not start and stop your audit process, as many other firms might. Once started, we do not stop your audit until it is completed.

·        Experienced Personnel – Our professional staff has many years of experience performing 401(k) audits for a wide variety of businesses located throughout the U.S.

·        Audit Quality -M&S CPA, PLC is a member of the American Institute of Certified Public Accountants 401(k) Audit Plan Quality Center. This demonstrates our firm’s commitment to audit quality in the critical area of employee benefit plans.

Employee Benefit Plan Compliance Audits

The Department of Labor has stepped up enforcement efforts of audit requirements for employee benefit plans with 100 or more participants. Our clients benefit from our years of experience in auditing plans for companies of all sizes.

Business owners and executives face stringent fiduciary responsibilities and the regulations can be challenging to navigate. Our team provides comprehensive auditing services that meet the DOL’s requirements with the added benefits of best-practice sharing and resources to make the process as smooth as possible.

Our team is committed to meeting deadlines and conducting the audit with minimal impact on in-house staff time. Consistency in staffing means continuity, stability and no ramp-up time after the first year of an audit.

Our firm is a member of the AICPA’s Employee Benefit Plan Audit Quality Center. This membership is only open to accounting firms that demonstrate a commitment to quality audits of pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the authority of the U.S. Department of Labor. Our voluntary membership also requires additional continuing professional education for our firm members who specialize in this line of work.

We provide both limited and full-scope plan audits at the participant and plan level. We provide audit services in accordance with generally accepted auditing standards in the United States of America and the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.