401(k) Plan full-scope and limited audits, 403(b) Plan audits and Health & Welfare Plan audits
Retirement plan audits are required by the Department of Labor and the Internal Revenue Service for companies with 401(k) plans where the company employs over 100 employees. 403(b) plans are the equivalent of 401(k) plans, but used by non-profit entities. The plan audit must accompany the annual filing of the company's form 5500 with the Internal Revenue Service each summer.
The Department of Labor requires that all retirement plan audits be completed by CPA firms that are certified to perform these audits by the CPA firm's Peer Review report. Our report is found at the end of the About Us page. Our firm is a member of the AICPA Employee Benefit Audit Quality Center (EBAQC). We recommend that you verify that your CPA firm is licensed/certified to perform these audits by reviewing their Peer Review report and verifying they are members of the AICPA EBAQC. https://www.aicpa.org/interestareas/employeebenefitplanauditquality/membership/find-a-member-firm.html
This compliance audit should be viewed as a commodity as each CPA auditor must follow the same procedures as all CPA's performing these audits. Our efficiency and experience in performing ERSIA audits affords us the ability for our fee for 401(k) audits to be 15-20% less than your prior CPA audit fee for the prior year. Our low turnover of staff and experience in this specialized audit area assist us in making the 401(k) audit process as less intrusive and painless as possible.
We recognize that very few CPA firms have the experience and certifications to perform these audits. Our managing Partner is one of only 9 CPA's in Georgia licensed to audit other 401k auditors for compliance and quality as a peer reviewer. If your company is not interested in changing CPA firms for all business/tax/audit services, but your current CPA firm does not provide this audit service we will agree in writing to work in conjunction with your current CPA firm performing these other business/tax/audit services.
The cost of our 401(k) audit is significantly less than the cost charged by other CPA firms. There are several reasons we can provide better service than other firms at less cost: