Goldin Peiser & Peiser

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According to Allan Peiser, Managing Partner...
"Recent financial market conditions and uncertainties have thrown new risks into the best of your employees' financial plans."

Employee Benefit Plan Audits
"Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series)," according to the Department of Labor (DOL). The DOL has increased its enforcement efforts of audit requirements and reserves the right to assess penalties (up to $1,000 per day) without limit for insufficient filings.
Making better-informed business decisions and reducing risk often requires various levels of assurance based on your business needs. Whether you want an audit, review or compilation, our team brings a comprehensive methodology to leverage both professional and technical resources for your specific circumstances.
Choosing a qualified, licensed auditor is an important step. The rules and regulations governing the benefit plan compliance means auditors are often challenged to keep abreast of current issues. Our auditors regularly take online classes as well as attend seminars and conferences to keep up with the complex employee benefit plan audit world.
Determine Your Audit Need
Taking care of your employees takes many forms. To cover them (and yourselves) financially, you may be required to have an Employee Benefit Plan Audit performed annually.

Companies with 100 or more eligible participants at the beginning of a plan year must have an audit to form an opinion that the financial statements of the plan are presented fairly. (ERISA Section 103) The audit is included with Form 5500 filings. Note the word eligible is the key, not participants in the Plan.
Plans with fewer than 100 eligible participants at the beginning of the plan year are considered a small plan for filing purposes.

Audted financial statements are generally not required for a small plan filing if specific requirements are met under the small pension plan security regulation.
Types of plans that may require an audit include:

Additionally, a recent Supreme Court case (LaRue vs. DeWolff Boberg and Associates, February 21, 2008) ruled that companies can be held liable if employees lose money in their 401(k) due to negligence. An audit can provide the documentation that you need to prove compliance with applicable rules and regulations.
Resource for Assurance Expertise
If your Employee Benefit Plan requires an audit, youll need an independent certified public accountant who understands the complex regulations of the Department of Labor, the Employee Retirement Income Security Act (ERISA) and the IRS.
Some guidelines for selecting an auditor:

The auditor must be unbiased, with no financial interest in the plan or the company he or she is auditing.
The auditor needs specific experience with Employee Benefit Plans to ensure understanding of the special financial, operational and regulatory requirements.

Goldin Peiser & Peiser, LLP, is committed to the specialty of Employee Benefit Plan Audits, dedicated to understanding the most current regulations. We work with small to mid-size companies across a variety of industries from medical to manufacturing. Our high degree of expertise in this area means that clients receive important insights that add value to the plan.
Accomplish Your Objectives
Goldin Peiser & Peiser, LLP has the experience to prepare and present needed documents in a timely and professional manner.
How we can help:

Review your plan to identify operational errors that need correction.
Design and implement new or revised plans.
Help you select investment advisors and/or third-party administrators.
Monitor your plans performance.

Customize the audit based on your needs.
Coordinate third-party record keepers, investment trustees, payroll servicers and actuaries.
Perform compliance testing for IRS, DOL and ERISA regulations.

When a multi-city presence is required, Goldin Peiser & Peiser, LLP is a member of the BDO Seidman Alliance, providing national and international connections and resources. BDO Seidman, LLP is the worlds fifth largest accounting firm.

Contact us to now help you with your Employee Benefit Plan Audit.