We currently perform over 120 Employee Benefit Plan audits each year, and have a core group of over 50 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, 403(b) Plans, Multi-Employer Plans, Employee Stock Ownership Plans, Employee Stock Purchase Plans, 457 Plans, Health & Welfare and VEBA Plans.
In addition, Freed Maxick prepares over 150 Form 5500s for our clients each year. We have assisted many clients in the education and adoption of new legislation and other advisory services. Our experienced team has also assisted our clients in self-correcting operational errors in accordance with the Internal Revenue Service’s approved guidelines and 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, monitoring plan performance and fiduciary governance. Additionally, 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 are available to present to your oversight committee regulatory changes, best practices and fiduciary consulting.
Our Firm is a member of the American Institute of Certified Public Accountants (AICPA) and its Employee Benefit Plan Audit Quality Center, and has been since its inception. 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.
Although the Employee Benefit Plan Audit Quality Center only requires eight hours of CPE every three years, our firm incorporates additional training to ensure that our personnel have an adequate skill set to serve our client base. The Directors and Managers in our Employee Benefit Plan practice receive over 40 hours of training each year while our senior and staff accountants receive a minimum of 24 hours of specific training related to Employee Benefit Plan auditing and consulting.