Employee Retirement & Benefit Plan Audits

Offering a retirement plan for employees can increase employee morale helping employers retain talent, aid in recruitment efforts, and provide a savings vehicle for employees to invest in their futures. Our experience with retirement plan audits allows us to offer recommendations to increase operational efficiency and identify potential problems. Our goal is to help you meet Department of Labor (DOL) requirements so you can avoid fines, potential tax liabilities, and other issues.

And as your business grows and you hire more employees, we can lead you through the various levels of DOL compliance that come with increasing your workforce and overall retirement plan.

Offering a retirement plan for employees can increase employee morale helping employers retain talent, aid in recruitment efforts, and provide a savings vehicle for employees to invest in their futures. Our experience with retirement plan audits allows us to offer recommendations to increase operational efficiency and identify potential problems. Our goal is to help you meet Department of Labor (DOL) requirements so you can avoid fines, potential tax liabilities, and other issues.

And as your business grows and you hire more employees, we can lead you through the various levels of DOL compliance that come with increasing your workforce and overall retirement plan.

Does My Company Need A Retirement Plan Audit?

The Department of Labor generally requires a retirement plan with more than 100 participants to have a retirement plan audit performed once a year. A retirement plan audit must be performed by an independent accounting firm and failing to have an audit performed could result in large fines and penalties for your company.

In addition, the benefits of conducting this audit are potential safeguards for your company. A retirement plan audit may help catch internal errors and protect against fraud and abuse.

Retirement Plan Audit Services

Clark Raymond & Company offers retirement plan audits for businesses and non-profit organizations covering a variety of different industries. We perform both full-scope and limited-scope audits of 401(k) retirement plans and 403(b) retirement plans.

Full Service Audits of 401(k) & Other Qualified Plans

Our full service audits will provide you with a full set of audited financial statements that meet all the statutory requirements of the IRS, DOL and ERISA. We will also make suggestions for improvements if we identify any compliance problems or internal control issues.

Audit Process

The initial phase of the audit is conducted internally in our office so when we visit your business location we already have a great understanding of the underlying issues. We do this to better account for your time, our time, and mitigate disruption to your business.

Organized Audits

Our investment in retirement plan audits, the volume of audits we conduct, and our experience in this audit niche have created orderly and labor saving methods, which correlates to a high quality, competitively priced engagement within our industry.

Secure File Protection

We understand the importance of cyber security in today’s age. For this, we use a secure web portal to safely transfer and store your confidential records.

Review of Form 5500s

The form 5500 series is a part of the Employee Retirement Income Security Act’s reporting and disclosure framework intended to ensure that employee benefit plans are operated and managed in accordance with the set standards. As part of our audit procedures, we will review the Form 5500.

Benefits of having CRC review your retirement plan’s Form 5500 are:

• Subject matter experts
• Avoid common filing errors
• Minimize risk with experienced firm
• Stay in compliance with IRS and DOL