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As more Americans rely on their private retirement plans, concern and scrutiny have risen.
Now, more than ever, it is important to identify the risks to your benefit plan and plan sponsor. At MarksNelson, we are committed to providing you with a quality audit that meets federal obligations in addition to keeping you aware of changes and identifying improvements.
The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for the financial management of retirement, health and other welfare benefit plans. ERISA doesn’t require employers to establish a benefit plan — it only requires that those who do, meet certain standards.
“One of the most common reasons for deficient accountants’ reports is the failure of the auditor to perform tests in areas unique to employee benefit plan audits. The more training and experience that an auditor has with employee benefit plan audits, the more familiar the auditor will be with benefit plan practices and operations, as well as the special auditing standards and rules that apply to such plans.”
That’s why our commitment to helping our clients begins with our dedication to employee benefit plan audit quality. Our experience, commitment to training and use of current technical guidelines, helps your plan to be compliant with both the DOL and IRS regulations. Additionally, we offer advice on improving and strengthening controls and plan administration.
We work with Third Party Administrators (TPAs) and advisors to make certain your plan is presented in compliance with the DOL and ERISA.
MarksNelson is a member of The AICPA Employee Benefit Plan Audit Quality Center, a national community of CPA firms committed to employee benefit plan audit quality and dedicated to raising awareness about the importance of employee benefit plan audits. The Center provides members with best practices, guidelines and tools needed to perform quality benefit plan audits and better serve clients. As members, we adhere to various requirements, including establishing firm-wide training and quality control programs, performing annual internal inspection procedures, and making the firm’s peer review report findings publicly available.