Defined Benefits
Defined benefits plans must meet many challenges for compliance with rules established by the U.S. Department of Labor (DOL). A company's failure to meet these DOL compliance requirements could result in significant penalties. Further, companies need to consider the cash flow requirements related to funding this type of plan.
WithumSmith+Brown utilizes an educational approach as part of our audit engagements to help clients improve their internal controls associated with defined benefit plans. Besides the typical audit of a plan's financial statements, a WithumSmith+Brown audit engagement also provides observation regarding controls and reviews and other matters. Results such as these, along with any other relevant findings, are discussed with appropriate management with timeliness and insight. We have found that these proactive discussions assist management in achieving better oversight of these plans.
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