Employee benefit plans covered by ERISA are subject to complicated regulations, legislation and requirements that change year to year and sometimes even month to month.
The sponsor leaders of these plans have a fiduciary responsibility to properly manage these plans, and it is critical that companies hire experienced, credentialed employee benefit plan audit professionals who understand the regulations, stay on top of developments, and deliver quality audits.
The Employee Benefit Plan Audit Team at Babush, Neiman, Kornman & Johnson, LLP is a dedicated group of professionals with many years of experience auditing employee benefit plans and assisting with plan operation and design. Every member is thoroughly trained and up to date on the latest developments within the employee benefits area.
Some of the services we provide to you in this area include
- Acclimating you and your team to the plan audit process and educating you about your responsibilities
- Ensuring accurate and timely compliance with reporting requirements
- Providing timely resolution of employee benefit plan operational issues
- Providing assistance with streamlining employee benefit plan administration and plan design as appropriate for your company’s needs
- Reducing the time required from your HR Team for information gathering and plan compliance/reporting
- Reducing the stress level of your HR Staff associated with employee benefit plan administration through timely and comprehensive assistance and training
A study conducted by the Department of Labor found that 33% of financial statements audited by independent accountants and filed with the DOL did not meet the ERISA reporting disclosure requirements. Don’t put your company’s retirement plan assets at risk. By choosing BNKJ, you can have complete confidence that your employee benefit filings are accurate, efficient, and cost effective, and be sure that you are fulfilling your fiduciary responsibilities as the plan’s sponsor and manager.
Why is BNKJ a good choice?
- We have credentials and an outstanding reputation in this area.
We are longstanding members – one of the first — of the AICPA Employee Benefit Plan Audit Quality Center as well as the Public Company Accounting Oversight Board and the American Institute of Certified Public Accountants.
- We have experienced team leaders who specialize in performing plan audits.
Every successful business niche needs a dedicated team leader. Barry Klein, BNKJ partner in charge of ERISA, is a pioneer in this area who has been performing plan audits for more than 30 years – since the DOL began requiring them. Carryn Whiteford, a lead plan audit partner previously with Deloitte, has been performing benefit plan audits for more than 14 years.
- Plan audits are a core practice area of the firm, not an ancillary service.
We have one of the 50 largest employee benefit plan audit teams in the nation, and this service is a significant part of BNKJ’s business. We have an entire staff devoted to performing plan audits, and only people with experience performing these audits work with our clients.
- We have one of the highest employee retention rates in our profession, and we are committed to having the same auditors on the job each year, all bringing specialized plan audit/ERISA experience.
- We provide quality services that add value and pledge unsurpassed responsiveness and communication.
- We stay on top of developing trends and issues affecting employee benefit plans.
We monitor new developments and updates from the Internal Revenue Service, the Department of Labor, the Pension Benefit Guaranty Corporation, the Public Company Accounting Oversight Board, the Accounting Standards Board, etc. Our clients depend on us to keep them abreast of anything that may impact their businesses, and we are very diligent and thorough to ensure they receive comprehensive support.
Click here to download a PDF brochure about our Employee Benefit Plan services.