ERISA Audits
The Employee Retirement Income Security Act of 1974 (ERISA) requires that retirement plans with over 100 eligible employees or participants have their annual financial statement audited by an outside independent CPA.
These are the only audits that we perform and we specialize in them. All of our current audits are for some form of 401(k) elective deferral retirement plan.
All plans are calendar year plans and the audit work is done during the summer months which nicely complements our seasonal work in the income tax area.
Rather than send inexperienced rookies to the company site to spend days or even weeks performing an audit, we usually have two very experienced CPAs that do much of the work at our office and then complete most of the field work in one day at the company site.
The end result of our work, the audited financial statements, are required as an attachment to the form 5500 filings with the department of labor.
Our experience in this area is greater than 20 person years between the two CPAs that perform these audits.
As members of the AICPA "Division For CPA Firms" our work is subject to peer review, an outside watchdog that reviews our work to make sure that it is up to standard. We have regularly passed that in depth review with the highest grades.
We are also members of the AICPA Employee Benefit Plan Audit Quality Center where we receive special training and other materials specifically for this area of specialty.
The companies that we provide these services to range from a large privately owned Massachusetts based medical provider to publicly traded companies operating in multiple states.
Should you be in need of an ERISA audit and would like to meet with us to discuss your particular needs, please contact us.