Employee Benefit Plan Sponsors
401(k) plans have become essential to attracting and retaining key employees. However, according to the Department of Labor, many benefit plan audits are deficient. Plan administrators and trustees must be informed regarding complex laws and compliance issues. In addition, some plan administrators or trustees tend to underestimate the audit and reporting requirements related to employee benefit plans, which can lead to monetary or civil penalties. With increased scrutiny by the Employee Benefit Security Administration (EBSA) and due to the high incidence of audit deficiencies and failures discovered by EBSA in conducting a recent review of benefit plan audits, you need a firm that has dedicated expertise and resources in employee benefit plan audits.
At Wolf & Company we understand the complex laws and compliance obligations imposed by various regulatory authorities. Our Employee Benefit Plan Sponsor Services Group includes more than 20 partners, managers and staff, all with significant employee benefit plan audit experience.
- We have worked extensively with many large companies and not-for-profit organizations that have multiple plans. Among the more than 120 benefit plans that we currently audit are plans for many Big 4 clients.
- We are members of the AICPA’s newly formed Employee Benefit Plan Audit Quality Center, which requires member firms to maintain and demonstrate high quality audit services in the field, obtain minimum amounts of continuing education in audit of plans and include plan audits in their peer reviews.
- Our professional staff is educated on the Employee Retirement Income Security Act of 1974 (ERISA) and the changing laws and standards that are used by the Internal Revenue Service and the Department of Labor.
- Audit professionals work closely with your plan sponsor, trustee or administrator to reduce your risk of penalties or litigations involving the plan or fiduciaries.
- We work directly with clients to gain knowledge about their plan, determine the most cost efficient audit approach and offer recommendations and advice. We not only want to understand your plan before we conduct an audit, we want to learn about the environment in which your plan operates.
Services for plan sponsors include:
- Audits of all types of employee benefit plans including defined contribution, defined benefit and health and welfare plans
- Compliance/discrimination testing
- Client representation in regulatory examinations
- Preparation of 5500s for unaudited benefit plans
- Third Party Administration for other unaudited benefit plans
- Audits and reviews of smaller related entities
- Income tax preparation and other special tax consulting
- Tax planning and preparation for executives
- Audits of a related Charity Trust
- Quarterly compilations of smaller related entities
- Reinstatement of entities with the Attorney General
- Assistance with quarterly payroll tax reporting
- Assistance with special reporting to unions
- Assistance with sales tax reporting issues
To augment our knowledge base and resources on a national and international level, we have access to a network of independent CPA firms that span the globe. PKF North American Network and PKF International have 92 offices in North America and 470 offices throughout the world. Within the United States, 25 member firms audit over 700 plans, some with more than 10,000 participants.
Our affiliation with these organizations enhances our existing knowledge, resources and training opportunities through a special forum on employee benefit plans. This group provides both special workshops and an ongoing dialogue on new technical and regulatory concerns and solutions.
For more information on our services for employee benefit plan sponsors, contact Barry L. Shaw, Partner-in-Charge, Employee Benefit Plan Sponsors Services Group.
Check out our newsletter for Employee Benefit Plan Sponsors.
If you would like a summary of the Pension Protection Act of 2006, go to our Request for Information page.