Employee Benefit Plan Audits

Do you have issues or concerns about your employee benefit plan audit? Contact us with questions--we understand that performing employee benefit plan audits requires a specialized team of professionals, not audit generalists. Freed Maxick & Battaglia has an extensive and diversified employee benefit plan audit practice. We have 20-plus experienced professionals performing in excess of 75 benefit plan audits in Buffalo, Rochester and Western New York (NY). 


When is an Audit Needed?

Generally, federal law requires employee benefit plans with 100 or more participants as defined by ERISA to have audited financial statements attached to their Form 5500 filings. Smaller plans may also need to have an audit if they do not meet certain conditions exempting them from the audit requirement.

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Employee Benefit Plan Resources

Why Freed Maxick?

Benefit plan auditors encounter issues related to the Employee Retirement Income Security Act of 1974 (ERISA), tax matters, as well as typical audit concerns.   Over the past five years, our professionals collectively have 1,000-plus hours of Continuing Professional Education (CPE) in the field of Employee Benefit Plan audits. We are registered with the PCAOB and are a member of the AICPA Employee Benefit Plan Audit Quality Center, which means we achieve the highest standards in performing quality employee benefit plan audits. 

We have assisted many clients in self-correcting operational errors in accordance with Internal Revenue Service’s approved guidelines, to correct operational and compliance problems before they are discovered by the Internal Revenue Service or Department of Labor.  We have also assisted clients in designing and implementing plans, selecting investment advisors and third-party administrators, and monitoring plan performance.

Our business approach to the auditing concept provides that we obtain an in-depth understanding of your plan and how it affects your employees.  The audit is tailored to your needs and goals, and will include compliance testing to ensure that you are meeting the many requirements of ERISA, IRS and DOL regulations.  You will receive the benefit of a close-working relationship while retaining the objectivity, independence, and continuity expected from an independent Certified Public Accounting firm.


Quality & Integrity

Freed Maxick & Battaglia, CPAs has developed broad industry knowledge through years of experience serving entrepreneurs and closely held businesses.  Our clients represent most sectors of the economy and our audit teams have developed the industry knowledge and experience to support their business needs.  We are subject to a rigorous peer review every three years to ensure the quality of our work is in accordance with our professional standards. Our most recent peer review was an unqualified opinion with no letter of comments, a rating that less than 15% of all firms obtain.
 

Staff Continuity

Our director-to-staff ratio of one-to-five is significantly less than the national firms who are structured to work primarily through a less seasoned middle management group.  Approximately 20% of our audit work is performed mainly by directors and managers who represent the most talented group of any certified public accounting firm.  This helps us provide high quality service to your company and reduce the amount of turnover in the people that will be responsible for your account

Our Qualifications

When an Employee Benefit Plan has more than 100 eligible participants as defined by the Department of Labor, an organization is required to attach audited financial statements to Form 5500 prior to filing.  Financial statement audits of employee benefit plans represent a critical portion of the many audits performed by Freed Maxick.  Employee benefit plan audits include audits of pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL).

Freed Maxick dedicates substantial resources to ensure that we are committed to providing quality employee benefit plan audits to our clients. Listed below are the key factors that demonstrate our qualifications and willingness to provide your Plan and management excellent service in a timely, professional, and personalized manner.

• We currently perform approximately 75 employee benefit plan audits each year, and have a core group of 20 people who have been trained in the numerous rules and regulations impacting this highly specialized industry.  Our annual audits consist of Defined Contribution Plans, Defined Benefit Plans, Employee Stock Ownership Plans and VEBA Plans.
  
  
• We are a member of the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center.  This program was established to help its members achieve the highest standards in performing quality employee benefit plan audits.  Membership requires that Firms maintain a consistent level of quality with respect to audits of employee benefits plans and staff continuing education requirements.
  
  
• Our firm is a member of the Center for Public Audit Firms of the AICPA.  Additionally, we are registered, and in good standing with the Public Company Accounting Oversight Board (PCAOB).  We go through a rigorous peer review every three years to ensure the quality of our work is in accordance with our professional standards.  Our most recent peer review was an unqualified opinion with no letter of comments, a rating that less than 15% of all firms obtain. 
  
  
• While Freed Maxick & Battaglia, CPAs, PC is a locally owned Firm, we have access to the resources of a national firm, RSM McGladrey, Inc., if those resources become necessary.  RSM McGladrey is the 5th largest accounting firm in the country and audits over 100 SEC registered companies.
  
  
• We conduct a number of seminars and training sessions each year for the benefit of our staff and clients.  We invite our clients to participate and encourage them to communicate their topics of interest. We also have an expansive library of articles and other resources that we make available through our website.

Members
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Contact Our Employee Benefit Plan Management Team:

Michelle Sullivan	Shawn Frier	Justin Reid	Barb Danner
Director	Director	Senior Manager	Manager
email	email	email	email