INDUSTRIES
Employee Benefit Plan Audits
Buffamante Whipple Buttafaro, P.C. has a team of CPAs that specialize in employee benefit plan auditing. Our firm currently provides quality auditing services to over 25 employee benefit plans. These plans have assets that range from $1,000,000 to over $35,000,000.
Due to the complexity of professional auditing and financial reporting standards and the multitude of ERISA, Department of Labor and Internal Revenue Service compliance regulations that exist, choosing an independent auditor has never been more important.
The large extent of federal regulations for pension plans requires constant monitoring of compliance with these changing regulations. We understand the importance of being a resource for management to address this business risk. Therefore, we provide specialized training to a core group of personnel that focus on pension plan auditing.
Membership in the AICPA's Employee Benefit Plan Audit Quality Center
Our firm is a member of the AICPA's Employee Benefit Plan Audit Quality Center, a technical group committed to the highest quality in employee benefit plan audits. As a member, our Firm must adhere to rigorous membership requirements that include continuing education and specific quality control procedures and peer review requirements. Further, this membership provides us with access to a wealth of technical and practical resources related to employee benefit plan operations and audits. We believe that our membership in this Center is a valuable resource that separates us from other firms.
Selecting an Auditor
Audit firms and their members must be unbiased, with no financial interest in the plan or the plan sponsor. Importantly, the auditor needs specific experience and expertise with employee benefit plans to ensure understanding of the special financial, operational and regulatory requirements.
Our firm's knowledge related to pension plans is not limited to audit services. We have the resources to provide income tax services and consulting services for your pension plans. A few of our consulting services include:
- Compliance review with Department of Labor and ERISA regulations
- Coordination of Department of Labor and IRS examinations
- Compliance monitoring with Internal Revenue Service regulations
- Preparation of information return filings
This diversity in our services enables us to be a resource for pension plan administrators and management. We believe our knowledge in the area of employee benefit plans and in auditing allows us to add value as trusted consultants throughout the year.
Determine Your Audit Need
- Employee Benefit Plans
- Employee benefit plans with 100 or more participants, as defined by ERISA, are considered "large plans' and are generally required to have an annual audit of their financial statements.
- Plans with fewer than 100 eligible participants, at the beginning of the plan year, are considered "small plans" for filing purposes and are generally exempt from the audit requirement.
- 403(b) Retirement Plans
- In November 2007, the Department of Labor issued regulations eliminating an exception granted to 403(b) plans from the annual Form 5500 reporting, disclosure and audit requirements under ERISA.
- ERISA covered 403(b) plans are now subject to the same Form 5500 reporting and audit requirements as 401(k) plans, effective with their 2009 Form 5500 filings.
- Generally, 403(b) plans sponsored by charities are subject to ERISA, whereas 403(b) plans sponsored by religious organizations and governments are not covered under ERISA.
- "Large" ERISA covered 403(b) plans (generally plans with 100 or more participants) will be required to file audited financial statements.
A Quality Audit Will
- Help protect the assets and the financial integrity of your employee benefit plan and ensure that the necessary funds will be available to pay retirement, health and other promised benefits to your employees.
- Help you carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year.
- Bring peace of mind. A well performed audit is a vital protection for your employee benefit plan. An incomplete, inadequate or untimely audit report may result in penalties being assessed against you at the plan's administrator.
Choosing a qualified, licensed auditor is an important step. We would be very excited to speak with you to discuss our firm's philosophy, qualifications and experience in auditing your employee benefit plans.
