Employee benefit plan audits include pension, health and welfare, ESOP and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL). Auditing benefit plans is unique and challenging and is most successful when backed by a team of experts who can ensure that these critical filings are completed on time and in compliance with all relevant regulations. Pierce Firm, PLLC is where results exceed expectations. Our benefit plan team has been focused solely on retirement plans for over ten years. Pierce Firm, PLLC emphasizes significant partner involvement and accordingly, you will be working directly with the employee benefit plan partner throughout each step of the audit process.
By reviewing your plan operations and internal controls we will help you improve efficiencies and strengthen your adherence to plan provisions and ERISA regulations. Your human resources and management teams will be able to focus on other vital business issues. Pierce Firm, PLLC’s audit approach and integration of technology allows your team to spend more time on your daily responsibilities, and less time working with the auditors.
In certain circumstances, your company may be required to file a Form 5500 even if an audit is not required. All retirement plans subject to ERISA are required to file Form 5500. Additionally, companies offering welfare benefits including health, dental, vision, etc. to 100 or more participating employees are required to file a Form 5500 for each qualifying benefit. Failing to file a Form 5500 for the plan can result in significant penalties by both the IRS and Department of Labor.
We provide the following services to our employee benefit plan clients:
- Audits of:
- 401(k) plans
- ESOP plans
- Pension plans
- Health and welfare benefit plans
- Review and preparation of 11K financial statements for SEC and DOL filings
- Preparation of audit workpapers for 11k audits
- Form 5500 review and preparation
- Delinquent Form 5500 review and preparation
- Representation in DOL and IRS examinations
As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center, Pierce Firm, PLLC is committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements. This includes specialized continuing professional education requirements for professionals who audit employee benefit plans and establishing firm quality control programs.