WS+B Services

Retirement Plan Services

When Consistent Quality and Convenience Matters

401(k), 403(b) and Defined Contribution Plans

Today's 401(k), 403(b) and defined contribution plans requires 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, certain plans of publicly traded companies have an increased requirement to file their financial statements with the Securities and Exchange Commission (SEC).

Our audit approach during a typical engagement helps clients meet their audit requirements in an efficient manner. Besides the typical audit of a plan's financial statements, a WithumSmith+Brown audit engagement also reviews the requirements related to such aspects as:

  • participant eligibility
  • participant and employer contributions
  • timeliness of deposit requirements
  • plan distributions
  • participant loans
  • participant data

The WS+B Employee Benefits & Pension Plan group is known for its deep experience and expertise in the 401(k), 403(b) and Defined Contributions arena. The Department of Labor performs periodic inspections of CPA firms that audit in excess of 200 employee benefit plans. As part of our outgrowth, our most recent inspection by the DOL requested that we reach out where possible and provide training or assistance to other CPAs who perform such audits.

For a complimentary proposal to perform your company's defined contribution plan audit, please contact one of our many experts by clicking here.

Defined Benefit Plans

Defined benefit 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.

For a complimentary assessment of your company's defined benefit plan audit, please contact one of our many experts by clicking here.

HLB International * A member of HLB International, a world-wide network of professional independent accounting firms and business advisers.