Employee Benefit Plan Audit Services Rockville MD

Employee Benefit Plan Audit Services

Performing audits of employee benefit plans requires expertise not found in many accounting firms.

As a member of the American Institute of CPAs’ Employee Benefit Plan Audit Quality Center (EBPAQC), and the Maryland Association of Certified Public Accountants (MACPA) employee benefit plan committee, we are committed to staying current on industry knowledge via professional continuing education and adhering to the highest quality standards by voluntarily agreeing to the EBPAQC membership requirements, which include designating a partner responsible for our employee benefit plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.

Staff Expertise

At E. Cohen and Company, CPAs, we are committed to achieving the highest quality audit possible. We understand the complexity of performing employee benefit plan audits and that’s why we have a dedicated senior team of auditors that possess the specialized knowledge and experience to help ensure compliance with the appropriate standards and changes in regulations that may impact your firm’s employee benefit plan audit. Members of our team hold the AICPA Advanced Defined Contribution Plans Audit Certificate.

Employee Benefit Plan Audit Services

Our employee benefit plan audit services include:

Limited and Full-Scope Audits for:

401k plan audits
403b plan audits for nonprofit organizations
Defined benefit plan audits

Employee stock ownership plan audits

Preparation of Form 5500

We perform these employee benefit plan services for our audit and tax clients, as well as clients of other firms that do not have the necessary expertise.

We maintain close working relationships with third-party administrators, trusts, record-keepers and certifying institutions, which reduces costs.

It’s never too early to begin preparing for an audit of your company’s retirement plan. Generally, Federal law requires employee benefit plans with 100 or more participants, as defined by ERISA, to have an audit as part of their obligation to file Form 5500.

Companies that are required to have an audit of their employee retirement plans must have it submitted with Form 5500 by the last day of the seventh month after the end of the plan year, with an optional 2.5 month extension.

Audits of financial statements of employee benefit plans must be performed not only in accordance with professional auditing standards, but in accordance with the Federal guidelines established by the U.S. Department of Labor under ERISA.

Plan Sponsors often fail to recognize when an audit is required due to a misunderstanding of the “80-120 Participant rule” and an incorrect computation of “eligible” participants as defined by ERISA.