Employee Benefit Plan Audits - The MFA Companies · Employee Benefit Plan Audits What An MFA...
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(978) 557-5300 | [email protected] www.themfacompanies.com Employee Benefit Plan Audits Fiduciary Compliance Meets Strategic Initiative As companies look to broaden the benefits offered to employees – and industry regulators take a keener eye to ensuring compliance – it becomes critical for organizations to rely on a trusted advisor for a thorough and high-value benefit plan audit. At The MFA Companies ® , our professionals are adept at performing quality employee benefit plan audits that deliver the essential components of value: expertise, service and price. How MFA Can Help Based on specific provisions dictated by the Department of Labor (DOL) and Social Security Administration and as outlined by the Employee Retirement Income Security Act (ERISA), our seasoned audit professionals advise you on addressing the most complex matters related to employee benefit plans through the sharing of proactive value-added advice and assistance in avoiding penalties associated with non-compliance. Execution, Responsiveness & Diligence + Knowledge of ERISA/DOL Rules & Regulations Comfort in Meeting Fiduciary Responsibility Broad Spectrum of Employee Benefit Plan Audits • 401(k) Plans • Profit–Sharing Plans • Defined Benefit Plans • 403(b) and 401(a) Plans • Employee Stock Ownership Option Plans (ESOP) • Health and Welfare Benefit Plans • Plans Requiring 11K SEC Filings
Transcript of Employee Benefit Plan Audits - The MFA Companies · Employee Benefit Plan Audits What An MFA...
(978) 557-5300 | [email protected] www.themfacompanies.com
EmployeeBenefit Plan
Audits
Fiduciary Compliance Meets Strategic Initiative
As companies look to broaden the benefits offered to employees – and industry regulators take a keener eye to ensuring compliance – it becomes critical for organizations to rely on a trusted advisor for a thorough and high-value benefit plan audit. At The MFA Companies®, our professionals are adept at performing quality employee benefit plan audits that deliver the essential components of value: expertise, service and price.
How MFA Can Help Based on specific provisions dictated by the Department of Labor (DOL) and Social Security Administration and as outlined by the Employee Retirement Income Security Act (ERISA), our seasoned audit professionals advise you on addressing the most complex matters related to employee benefit plans through the sharing of proactive value-added advice and assistance in avoiding penalties associated with non-compliance.
Execution, Responsiveness & Diligence
+ Knowledge of ERISA/DOL Rules & Regulations
Comfort in Meeting Fiduciary Responsibility
Broad Spectrum of Employee Benefit Plan Audits • 401(k) Plans
• Profit–Sharing Plans
• Defined Benefit Plans
• 403(b) and 401(a) Plans
• Employee Stock Ownership Option Plans (ESOP)
• Health and Welfare Benefit Plans
• Plans Requiring 11K SEC Filings
(978) 557-5300 | [email protected]
EmployeeBenefit Plan
Audits
What An MFA Employee Benefit Plan Audit Can Do For You
• Shore up internal controls and compliance practices to meet growing expectations for employee benefit plan administrators
• Avoid the time-consuming and costly results associated with common audit red flags through early preparation and relationship-building with a trusted third party
• Stay current with IRS and DOL best practices regarding benefit plan administration and fiduciary compliance
• Prepare for a potential DOL audit with comprehensive analysis, careful documentation and trusted advisory
The Facts
• MFA is one of only 4% of the AICPA’s EBPAQC members to audit more than 50 employee benefit plans per year
• There is a clear link between the number of employee benefit plan audits performed by a CPA and the quality of the audit work performed
• 39% of all plan audits reviewed by the Department of Labor had significant deficiencies
• CPAs who performed the fewest number of employee benefit plan audits had a 76% deficiency rate
• CPA firms that are members of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center tend to produce audits that have fewer deficiencies
65+EBP Customers
Consistent“Pass” Ratings
from AICPA Peer Reviews
Registered
Employee Benefit Plan Audit Quality Center Member
