A service not always associated with CPA firms, retirement plan auditing, is one of the specialties at Brown Nelms and Company. BNCo has established a reputation as an industry leader for 401(k) and Profit Sharing Retirement Plan audits. We have identified numerous issues that plan sponsors face with the implementation and management of their particular programs. BNCo actively pursues assisting our clients in resolving these possible problems. If your retirement plan requires an audit, then the selection of just the right auditor is crucial. BNCo performs these audits, not only as a compliance procedure for the plan, but also as a resource to identify possible concerns your company, as the plan sponsor, should consider to insure the plan is in complete compliance with current Department of Labor standards and practices.
Retirement Plan audits are generally required when your company’s plan reaches a participation level of 100 employees. There are a few exceptions; however, you should discuss this issue with a third party administrator or auditor to insure your requirement is being met. In some cases, plan sponsors are not aware of their fiduciary responsibilities as overseer of the plan. Unfortunately, this can create potential problems if the sponsor’s management or outside accountant is not properly reviewing the plan’s reporting (provided by the TPA or other service provider). If no audit is required, BNCo offers various services to assist the plan sponsor in reviewing the plan documents. BNCo is there to assist your company in plan management; to make sure your fiduciary responsibilities are being fulfilled.
If you have any questions regarding any of these issues, BNCo will be more than happy to discuss them with you. Please contact Eric Kornegay at Eric@BrownNelms.com.