Woodbury, NY (PRWEB) January 03, 2014
Gettry Marcus CPA, P.C., provides suggestions for employers that are looking for a high quality employee benefit plan audit.
Employees face new realities for their future, their financial security and their retirement. They're taking on increased financial burden in the face of equally increasing risk and exposure, and they're worried about what that future might hold. As a result, they're looking for quality and value, and that means employers have additional responsibility in providing it to them.
A high quality employee benefit plan audit can increase comfort level not just for management but for employees as well. It protects assets and integrity, and ensures that the money needed to fund employee retirement is available. It also fulfills fiduciary responsibilities and upholds requirements set by the Department of Labor.
As audits become more prevalent and increasingly regulated, the onus to have a quality audit grows even greater. Below are factors that can affect quality, and that should be considered when selecting an auditor:
- Make sure that the audit is viewed as a way to protect participants
- Confirm that the audit fulfills the sponsor's fiduciary obligations and that it isn't just upholding reporting requirements
- Make sure the auditor understands that the unique areas of plan audits, such as participant data and plan obligations, impact the overall audit engagement
There are other steps that can be taken to improve the quality of a plan audit. For example, make sure the auditor:
- Understands the plan's governance structure
- Ensures plan obligations are properly stated and described
- Identifies issues that may impact the plan's tax status
- Can confirm that plan assets are fairly valued
These are just a few considerations to keep in mind when planning an audit. Remember that the Department of Labor expects plan administrators to make smart selections when hiring an auditor. Although price can be a factor, it shouldn't drive the decision. The quality of the firm and the professionals performing the audit should be the primary goal.
Gettry Marcus CPA, P.C., a top New York City and Long Island CPA firm with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients’ businesses, to better understand their goals and problems and to help them attain the vision they have for their company.
Gettry Marcus is "Always Looking Deeper" to build value for our clients.
Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or via email at fdietchweiler (at) gettrymarcus (dot) com.