Audit Approach
Ensuring Compliance, Enhancing Ownership
We understand that employee benefit plan participants want to know that their retirement benefits are safe and secure. Working with a CPA firm that has extensive industry knowledge and an impressive track record of performing benefit plan audits, including 401(k) and ESOP plans, is critical not only for your employee benefit plan but to your obligation as a plan fiduciary to ensure the audit meets all applicable standards. As a member of the AICPA Employee Benefit Plan Audit Quality Center for CPA firms, we strive for the highest quality standards in employee benefit audits. Our experience includes numerous contribution plans, including 401(k) plans. Therefore, we are confident our background, expertise, and knowledge will assist your business in producing high-quality financial statements that will satisfy Internal Revenue Service (IRS) and the Department of Labor (DOL) requirements.
We know the fiduciary challenges and risks your business faces. Therefore, your management team depends on a detailed employee benefit plan audit. Our primary goal is to help you successfully manage your employee benefit plan with a well-planned, low-stress, cost-effective, and timely audit that meets all regulatory requirements. Our team maximizes the benefit by engaging experienced professionals to provide the most invaluable advice and efficient strategies. You can rely on our experienced team, knowing we complete hundreds of employee benefit audits annually.
Three-Step Approach
The engagement will be structured using a risk-based audit approach. This three-step approach allows us to develop customized strategies, obtain information, concentrate on significant areas, complete the necessary compliance testing and prepare your reporting package in the most convenient process for you and your personnel.
Step 1
The planning phase of the audits includes communication with key personnel and third-party administrator to ensure our understanding of plan operations.
Step 2
During the fieldwork phase of our audits, we complete testing on-site to ensure the most efficient auditing process possible.
Step 3
Preparing the financial statements and supplemental information ensures proper reporting to the IRS and DOL.
Unparalleled Practices
Throughout the audit as a whole, we will also incorporate the following practices:
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We aim to deliver services that best meet the unique needs of every client.
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We will schedule proactive meetings involving our audit engagement team and your management team to review the planning process, audit progress, and significant factors affecting your 401(k) and/or ESOP plan’s financial statements.
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Employee benefit plan regulations can be complex. Therefore, we work closely with your third-party administrator, investment advisor, and ERISA consultants to ensure the highest quality assurance.
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We will ease any concerns you might have by sharing operational insights and offering custom recommendations. Additionally, we will notify management of identified areas of concern and issues related to your operations and plan administration.
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We offer convenience to our clients with a fast turnaround time and our ability to perform audits remotely through our secure cloud and web-based software and technology. When all the supplied information is correct and given within established time frames, we will issue the financial statements and audit report promptly.
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We provide ongoing guidance and education through seminars, webinars, and timely e-blasts.
When we say experts, we mean experts.
Below is a list of accredited affiliations and associations our audit team work with on a regular basis.
"Our leadership team appreciate Berman Hopkin’s advisors as we went through the formation of our ESOP given their solid ESOP knowledge and their customized approach to our specific needs as a company.”
Michael Rodriguez
E-Z Bel Construction LLC
