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Employee Benefit Plan Audits

Is it time to change audit firms Employee Benefit Plan AuditsDo 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 has an extensive and diversified employee benefit plan audit practice. We have 20-plus experienced professionals performing in excess of 100 benefit plan audits in Buffalo, Rochester, Syracuse, Albany, Western New York (NY) and Erie, PA.

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.

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.

CONTACT US to learn more about our Assurance Services.

ABOUT US: Freed Maxick CPAs, P.C. is Western and Upstate New York’s (NY) largest public accounting firm and a Top 100 firm in the U.S. Freed Maxick provides audit, tax and consulting services to closely-held businesses, public (SEC) companies, not-for-profits and governmental entities in Buffalo, Rochester, Syracuse, Albany and NYC, New York.


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