Employee Benefits Plan

Safeguarding Employee Assets and Benefits with Thorough Audits

Are you overwhelmed by the complexities surrounding employee benefit plan audits? Our specialized team of professionals are highly trained and experienced in conducting employee benefit plan audits. We help protect your employees’ assets and benefits by ensuring compliance with Department of Labor regulations.

How We Ease the Benefit Plan Audit Process

Our team stays current on audit and accounting issues affecting the employee benefit plan industry. Thornhill Financial’s tenured professionals are capable of managing employee benefit plan audits for:

  • Defined contribution plans (traditional 401(k) and safe-harbor)
  • Profit sharing plans
  • Defined benefit plans
  • Health and welfare plans

We expertly guide you through employee benefit plan audits by:

Identifying when an audit is needed

Generally, federal law requires employee benefit plans with 100 or more participants 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. We’ll help you determine which regulations apply to your business.

Helping prepare and file the appropriate forms

We thoroughly review the details of your benefit plans to ensure appropriate IRS forms are filed on time and audit requirements (if needed) are fulfilled. Our specialists also share best practices surrounding avoidance, identification and resolution of operating deficiencies.

Providing consistency in personnel

A core group of experienced personnel perform all our benefit plan audits and compliance. These professionals stay current in this highly technical practice area by participating in various continuing education programs. In addition, we maintain the same personnel on the engagements from year to year. This approach allows us to efficiently and effectively complete the procedures with limited disturbance to our clients.

Ensuring high standards of review

Thornhill Financial is a member of the Employee Benefit Plan Audit Quality Center, a division within the American Institute of Certified Public Accountants’ (AICPA). Group members voluntarily adhere to firm quality control programs, perform annual internal inspections, publicly disclose the firm’s peer review report and complete targeted continuing education programs.

Minimize deficiencies in your employee benefit plan audits. CALL: 440-238-0445

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