Employee Benefit Plan Audits
The rules and regulations governing the fiduciary responsibility of employee benefit plan trustees are complex. And failure to accurately comply with all regulations can carry with it hefty penalties. In order to achieve the best results possible with your employee benefit plan, you need a dedicated team of professionals with the education and technical expertise required to perform these audits accurately and efficiently.
At Seim Johnson, we have developed a team of professionals who specialize in working with employee benefit plans. They provide audit and consulting services to plans of all sizes and with varying degrees of complexity. The total net assets of the plans we serve range from $50,000 to over $800 million and the number of participants in those plans ranges from 1 to 13,000. We have experience working with a variety of asset types, including stocks and mutual funds, pooled separate accounts, group annuity contracts, 401(h) accounts, guaranteed interest accounts, and limited partnerships.
We are committed to quality. As a member of the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC), we are dedicated to adhering to the highest quality standards. We have voluntarily agreed to the EBPAQC membership requirements, which include designating a partner responsible for our employee benefit plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.
Seim Johnson offers our employee benefit plan clients thorough and professional services tailored to their individual needs, including:
- Pension, Health and Welfare, 401(k), 403(b), ESOP and Governmental Audits
- 5500 Compliance
- Timeliness of Deposits
- Fiduciary Responsibilities
- Determination of the Fair Value of Investments
- Communications to Participants
- Compliance Corrections
- Discrimination Testing
- Preparation of IRS Form 5500 and Summary Annual Reports
Contact us today to learn how we can create a customized plan to meet your unique needs.