Employee Benefit Audits
EXPERIENCE & EXPERTISE
Mauldin & Jenkins, LLC understands the responsibility and risk that the fiduciary of an employee benefit plan faces. Our team of dedicated professionals has extensive experience in dealing with ERISA regulations, the complexities of financial reporting and the auditing requirements of employee benefit plans. According to the Department of Labor, filing deficiencies, and their associated costly penalties, often result from audits that fail to test unique areas of an employer’s plan. When Mauldin & Jenkins performs a benefit plan audit, we use tests designed for your specific plan. More importantly, we apply our technical expertise, which not only reduces your risk, but also allows you to file the audited financial statements with confidence.
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The regulatory and legislative environments surrounding employee benefit plans are changing rapidly due to increased oversight and compliance monitoring by the Department of Labor. This oversight has recently reached the non-profit community through a new audit requirement for large 403(b) plans. You need professionals who will help you through the process, and get it right the first time. Most plan fiduciaries heavily rely on their service providers to help them comply with and stay abreast of ever-changing regulatory requirements. The Department of Labor (DOL) is on a mission to improve audit quality by conducting on-site reviews of auditors’ work to ensure that the scope, quality and documentation meets required and established professional standards. A great deal is at stake if deficiencies are found – from up to $50,000 in penalties to the plan sponsor. A quality audit will not only help protect the assets and the financial integrity of your employee benefit plan, but also will help you carry out your fiduciary responsibility to file a complete and accurate annual return/report for your plan.
As an experienced accounting firm, we have committed significant resources to ensure that our clients receive the expertise needed in the current environment.
- Audit Quality Center – Mauldin & Jenkins is a voluntary member of the Employee Benefit Plan Audit Quality Center established by the American Institute of Certified Public Accountants. The Center was created to promote the quality of benefit plan audits and provide auditors with additional resources to add value to the process.
- Specialized Continuing Professional Education – The professionals at Mauldin & Jenkins regularly attend ERISA-related training sessions to stay abreast of current issues and to help our clients avoid the latest pitfalls.
- The Latest Technology – We utilize audit and data extraction software to increase the audit efficiency as well as provide additional analysis and information to the fiduciary.
- Retirement Plan Specialist – Mauldin & Jenkins has a Qualified 401(k) Administrator, certified through the American Society of Pension Professionals & Actuaries, on staff.
An employee benefit plan audit should be a tailored process that complies with ERISA requirements and focuses on the inherent risks. Specialized audit programs, effective planning and open communication are keys to a successful audit process. Mauldin & Jenkins uses detailed information request lists, for both you and your service providers, which help reduce the administrative burden of undergoing an audit. Our audit specialists make every effort to facilitate beneficial communication between plan sponsors, trustees, administrators and other service providers.
Audits are critical, but plan sponsors should expect more than just satisfying a requirement from their service providers. Knowledgeable professionals with experience in ERISA-related matters mean added value to the audit process. We not only perform the unique audit procedures relative to ERISA, but help plan sponsors understand the regulations and ramifications. Mauldin & Jenkins gives you greater confidence in meeting your fiduciary obligations as well as providing your employees with greater assurance of their retirement assets.
A TRUSTED RESOURCE
Mauldin & Jenkins, LLC, was established in 1918 and has offices in Atlanta, Macon, Albany and Birmingham. We are an experienced firm of professional CPAs who are dedicated to providing quality service. Contact the nearest Mauldin & Jenkins office to discuss your employee benefit plan audit needs. Please visit our website, www.mjcpa.com, for more information.