Trust in expertise

As a plan administrator, you want the shortest, easiest path possible to check ‘employee benefit plan audit’ off your list. But, the audit has to be done correctly, by professionals you can trust. Our team members have many years of experience across a range of plans. We understand the complexity of the financial and regulatory requirements.

Fulfill your responsibility

Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). Sure, the audit fulfills your fiduciary responsibility; however, it’s also important for your employees, as plan participants, to know their assets are protected. An audit demonstrates accountability for the participant’s retirement, health, and other promised benefits. Failure to comply with the law may result in penalties assessed against you and the termination of the plan. Fiduciaries who do not follow these principles of conduct may be personally liable to restore any losses to the plan, or to restore any profits made through improper use of plan assets.

Bank on our experience

Salmon Sims Thomas has a dedicated team to service audit requirements under ERISA for Employee Benefit Plans. We perform both limited-scope and full-scope audits. As long as the Department of Labor continues to accept limited-scope opinions, we will continue to perform them where available. This approach reduces audit fees, and the plan or the company can use those funds elsewhere.

Our services for employee benefit plans include:

  • Defined Contribution Plans, including 401(k), 403(b)
  • Profit Sharing and Employee Stock Option Plans (ESOP)
  • Health and Welfare Benefit Plans

Assure a quality outcome

Your job depends on selecting the right professionals for the task. As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center, Salmon Sims Thomas strictly adheres to the highest quality standards by voluntarily agreeing to the Center membership requirements. We dedicate a partner to our employee benefit plan audit practice, establish quality control programs, perform annual internal inspection procedures, and make our peer review report findings publicly available. Our goal is to continue to enhance our quality initiatives within our employee benefit audit plan practice to deliver the most efficient and accurate audit services possible.

Simplify your audit process. Contact the 401k CPA today at the 401k CPA.