Employee Benefit Plan Audit
Audits of employee benefit plans have been and continue to be an important part of our practice. We audit over 115 plans throughout Texas and our experience includes numerous types of plans (401k, 403b, Health & Welfare, Pension) in a variety of industries. We are continually expanding and refining our services to meet our clients’ changing needs.
Why Is the Choice of an Auditor Important?
In order to help protect the assets and the financial integrity of your employee benefit plan it is important to have a quality audit. A quality audit also helps ensure that the necessary funds will be available to your participants when they need them and helps you carry out your legal responsibility to file a complete and accurate annual report.
Benefits Expertise Regarding Accounting, ERISA and DOL Requirements
We have extensive experience complying with the requirements of the Employee Retirement Security Act (ERISA) and U.S. Department of Labor (DOL). Audits will be conducted in accordance with the standards of the Public Company Accounting Oversight Board and auditing standards generally accepted in the United States of America, as promulgated by the American Institute of Certified Public Accountants as well as ERISA and DOL requirements.
In addition, as a part of our affiliation with Baker Tilly International, we have access to the knowledge of its member firms, as needed. Weaver not only brings the technical expertise required to audit an employee benefit plan, but also the industry-specific knowledge to understand how those rules apply to your business.
Committed to Quality Benefit Plan Audits
To help CPAs meet the challenges of performing quality audits in this unique and complex area, the American Institute of Certified Public Accountants (AICPA) has established the Employee Benefit Plan Audit Quality Center (EBPAQC), a firm-based voluntary membership center for firms that audit employee benefit plans. Employee benefit plan audits include pension, health and welfare, 401k and 403b plans subject to the ERISA under the regulatory authority of the U.S. DOL. Weaver has been a member of the EBPAQC since its inception.
EBPAQC membership requirements include the completion of employee benefit plan-specific continuing professional education courses for all individuals signing benefit plan audit opinions, as well as those professionals of the Firm who manage employee benefit plan audit engagements. Additional requirements include monitoring procedures relating to the quality control standards over the Firm’s employee benefit plan audit practice, as well as making publicly available information about its most recently accepted peer review report as determined by the Executive Committee of the EBPAQC.