Recent auditing legislation has tightened the requirements for small business retirement plan sponsors and our auditors have kept current with these changes to allow us to provide exceptional auditing services at a reasonable cost. Komisar Brady is also a member of the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center, which looks to further improve and promote the quality of retirement plan audits.
ERISA regulations have required independent audits for more than 30 years and many plan sponsors simply chose their regular outside accountant to perform audits in the past. However, these regulations have tightened significantly in the past decade, demanding much more specialized knowledge for auditors to be properly qualified to perform the audits and keep plan sponsors in compliance.
Our retirement plan auditing expertise begins with our current business clients, but has expanded to work with a number of additional retirement plans, including the following:
Collaboration with many businesses’ current CPA firms who may not have as extensive of specialized retirement plan auditing experience.
Involvement in retirement plans where the outside CPA may have conflict of interest or independence issues.
Cost effective alternative for businesses looking to control costs during challenging economic times.
Businesses looking for specialized retirement plan auditors with limited turnover from year-to-year.
Komisar Brady works with retirement plans ranging from $300,000 to over $20,000,000 in plan assets and our audit team stays current on complex Department of Labor regulations to ensure compliance for those retirement plans. Partner Dan Lightfuss heads up our retirement plan auditing team and stays involved on all audits to ensure the highest level of service our clients deserve.
Our 401(k) auditing is built on the foundation of educating retirement plan sponsors on how to consistently be in compliance with government regulations. We often coordinate this education with third-party administrators since many non-compliance issues are communication problems between plan sponsors and administrators. Similar to how preventative healthcare serves to prevent major illnesses, our retirement plan auditing is designed to assure the overall “health” or our clients’ retirement plan compliance to avoid any major Department of Labor problems.
