Employee benefit plans have become a common part of the corporate landscape along with other employee incentives and benefits, including health insurance, life insurance, paid vacation time, and more. While these programs are important to attracting and retaining employees, they often come with regulatory requirements the employer must fulfill. This is the case with employee benefit plans (401k, 403b, and pension plans). The Department of Labor (DOL) requires an annual audit for any plans with more than 100 participants. Many employers find it challenging to find an accounting firm with the credentials recommended by the DOL who can perform the audit of the plan while also providing useful insights on how to enhance operations and processes to maintain the plan efficiently.
Why Selden Fox?
Selden Fox has years of experience providing both limited and full scope audits of defined contribution and benefit plans. Unlike other firms which may audit a “handful” of plans, Selden Fox audits more than 40 plans annually with total participants ranging between 100 to 1,500. In addition, we meet or exceed the quality guidelines outlined by the Department of Labor (DOL) and the American Institute of Certified Public Accountants (AICPA) for plan auditor quality. The combination of technical knowledge and practical experience allow us to bring a unique perspective unmatched by other benefit plan auditors.
Plan Audit Services
Selden Fox has experience auditing the following:
- Defined Contribution Plans including 401(k) Plans
- Defined Benefit Plans
- Limited or Full Scope Audits
- Form 5500 Preparation & Filing
- First Year Plan Audits
- Employee Stock Ownership Plans (ESOPs)
Benefit plan audit quality has come under increased scrutiny by regulators in the recent past. For this reason, it’s important to partner with an experienced auditor that goes beyond simply checking the box. If you are looking to transform your benefit plan audit, Selden Fox can help. To learn more about how we can help your company, click here to contact us.