Simple Solutions for Employee Benefit Plan Audits
Strategic Direction, Inc. understands that employee benefit plan audits require specialized knowledge and experience in order to be done with any degree of success. Employee benefits are industry-specific plans and require a certain skill set from auditing firms. Regulatory agencies like the Internal Revenue Service (IRS) and the Department of Labor continually update and add new regulations and standards that must be met. It is imperative that small to medium sized businesses select the right auditing firm to conduct accurate employee benefit plan audits.
Our Approach
At Strategic Direction, Inc., we take pride in establishing and maintaining a relationship with every client. Our approach is professional, yet warm and friendly. Often audits and accounting services can seem a bit robotic and unfeeling, but we put human touch in everything we do. Plan audits are focused and include the following:
- Excellent communication. Before, during and at the completion of the audit we take time to communicate clearly with our clients. We understand that providing you with the most information possible makes your life easier. That is why we emphasize open communication throughout the entire audit process.
- Client education. One of the keys to understanding exactly how to implement particular processes as they pertain to employee benefits is with education. We take time to help our clients understand the audit process and what requirements they must comply with for their specific benefit plan.
- Project Management. The plan audit is usually separated into a few different phases, and each phase may require data from a variety of sources. We orchestrate the audit and contact third-party record keepers, payroll service providers, investment trustees, and other providers that may be involved in employee benefits.
Our Experience
Strategic Direction, Inc. has lots of experience carrying out employee benefits plan audits for small to medium sized businesses. We utilize industry standard best practices and an audit approach that has been developed and used on a national scale. Our areas of expertise include:
- Filing returns for Form 5500 and Form 900
- Filing SEC 11-Ks
- Defining contributions to 401(k), 403(b), profit-sharing and ESOP plans
- Defining benefit pensions and their cash balances
- Investigating union-represented plans
- Master trusts
- Health and welfare plans
We can also offer guidance and suggestions that can aide small to medium sized businesses as they work to improve employee benefit plan internal controls. There are regulatory agencies that may on occasion investigate compliance to specific laws and regulations, and we can also help you identify which ones you may be required to abide by.
Our Results
When an audit comes to a close, there are generally recommendations that we make to each client. Usually companies implement some internal controls that are worthy of being continued, but there are often areas that can be improved upon along with updates to laws and regulations that we disclose. But we do not just leave it at that; we spend time with our clients to develop reachable long-term goals so they can be confident that they are up to date and compliant. Our clients report they see immediate benefits from process improvements and anticipate incremental improvements as they continue to make adjustments to their long-term goals.
Getting In Touch With Us
The best way to get in touch with is by calling (818)937-0888 or e-mail admin@sdicpa.com
