Audit firms are required to adhere to all relevant independence standards when conducting their audit engagements. These standards can offer a unique challenge to plan management for complying with their outside auditor’s audit requirements and rules established by the U.S. Department of Labor (DOL) and the Securities and Exchange Commission for 11-K filings.
We work directly and in concert with your outside auditor, third party administrator, investment advisor, and your internal staff to provide a seamless transition for the various processes that comprise an employee benefit plan audit.
Further, we utilize an educational approach as part of our engagements to help clients improve their internal controls associated with employee benefit plans. We provide observations regarding controls and other matters. Results of 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.