Law Offices of Robert C. Pitman
Employee Benefit Plan Audits
Plans and plan sponsors are facing new challenges, greater responsibility and increased scrutiny from participants and regulators. If your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent auditor for the plan. A quality audit will help protect the assets and the financial integrity of your employee benefit plan and ensure that the necessary funds will be available to pay retirement, health, and other promised benefits to your employees.
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Our goal is to perform a quality audit as well as to assist our clients to develop and maintain quality plans for themselves and their employees. We believe it is important to help our clients understand their plan, their responsibilities and the compliance requirements.
Our approach to auditing is to work with the client’s personnel, plan administrator and service providers in a cost-effective and non–intrusive manner. We plan and schedule the audit with the convenience of our client in mind. We are heavily staffed at the management level to assure quality service to our clients. We have experience in auditing a diverse collection of plan types including both full and limited scope audits. Our experience, qualifications and service approach enables us to deliver the highest quality service on a timely basis with a reasonable fee structure.
Shannon & Associates, LLP, is a member of the AICPA’s Employee Benefit Plan Audit Quality Center. In joining the Center, we have demonstrated a firm commitment to the quality of our benefit plan audits. As a member, we must adhere to membership requirements including designation of an audit partner with firm responsibility for the quality of the employee benefit plan audit practice, establishing training programs/education requirements, quality control policies and procedures, internal inspection policies and making our peer review report (including selection of benefit plan audits) publicly available.
In addition to auditing the plan we provide the following services:
- Advisory services
- Department of Labor and IRS audit or correction programs
- Reviews to monitor compliance with regulatory requirements
- Preparation of Form 5500
- Preparation of Form 5330
- Preparation of Form 990
- Defined contribution plans – 401(k) and 403(B)
- Defined benefit plans
- Health and welfare plans
- Employee Benefits Security Administration
Shannon & Associates is committed to your success.