Employee Benefit Plan Audits
When a company implements an employee benefit plan such as a 401(k) plan, profit sharing plan, pension plan, or employee stock ownership plan (ESOP), it may not understand all the possible risks. Fortunately, we at Wright Ford Young & Co. do.
We can help you stay compliant and avoid potential fines, penalties, and inquiries from the Department of Labor and the IRS. We can also keep you up to date on perpetually changing rules and regulations, and assist you in creating internal systems and processes to ensure compliance.
The level of reporting requirements related to qualified employee benefit plans continues to increase. We have a high level of expertise in the area of auditing employee benefit plans and related governmental reporting expectations. Wright Ford Young & Co. is a member of the AICPA Employee Benefit Plan Audit Quality Center.
Benefit Plan Audits
The Wright Ford Young & Co. audit team annually attends the Employee Benefits Plan Conference sponsored by the AICPA. This conference is the premiere industry event for education on the latest regulation changes, innovations and tools so that we can pass the benefit of that knowledge on to you. Presenters include representatives from the Department of Labor and Internal Revenue Service and thought leaders in the accounting field. Year after year we consistently send many of our team members to this conference.
From your point of view, the annual audit requirement is probably one of those “checklist” items you want to cross off as soon (and as painlessly) as possible. That’s where we come in.
Auditing more than 150 employee benefit plans a year enables us to continually develop new best practices, including a tailored approach to each plan. We help our clients in the areas of plan design and technical issues through our network of third-party administrators and custodians, and through our collaborative relationship with the Department of Labor.
In addition, we use unique, internally developed software applications that reduce your time commitment to the process and decrease the total time required to complete the audit.
Although many CPA firms perform employee benefit plan audits, our approach is different, which turns your goal of a quick and cost-effective audit into a reality.