Your Risk as a Plan Provider
Bernard Robinson & Company recognizes that auditing employee benefit plans is an industry-specific service that requires specialized experience and knowledge. Without this industry experience, a certified public accountant may lack the necessary qualifications to perform such an audit. With changing rules and regulations from the Department of Labor (“DOL”) and the Internal Revenue Service, it is essential that companies choose the right audit firm for their employee benefit plans.
Your organization is experiencing additional pressure related to employee benefit plans. These pressures arise from a variety of sources including increasing costs of the plans, greater regulatory compliance responsibilities, meeting employee expectations and remaining knowledgeable about trends in employee benefit plans.
The Benefits of Experience
Bernard Robinson & Company has the unique experience required to efficiently and accurately perform audits of all types of employee benefit plans, including defined contribution plans, defined benefit plans and welfare benefit plans.
We are members of the AICPA Employee Benefit Plan Audit Quality Center. This membership is only available to those firms that meet rigid requirements specific to employee benefit plan audits including policies and procedures for the plan audit practice, continuing professional education requirements and internal inspection.
While many smaller employee benefit plans with less than one hundred participants are not required to have these audits, the majority of plans with an excess of one hundred active participants at the beginning of any plan year must engage an independent auditor. The definition of an active participant for 401(k) plans includes employees who are eligible, regardless of whether or not they elect to contribute.
An audit report for these plans must accompany the Form 5500. There are mandatory supplemental schedules and very specific reporting requirements imposed by ERISA, the DOL and generally accepted auditing standards. These unique requirements make the area of employee benefit plan audits very complex and place them outside of standard accounting and auditing services.
As a result of our years of experience and vast exposure to the unique aspects of employee benefit plan auditing, clients rely on the sound guidance of our trusted advisors. Beyond just offering an audit report, we can assist with fiduciary responsibilities, plan qualification and reporting alternatives.
Industry Leadership Team
We welcome the opportunity to learn more about you and your specific situation.
Rhonda Skiles, CPA, Partner