Employee Benefit Plan Audits

Parente Randolph has the right combination of experience and understanding to help guard the assets of your company’s employee benefit plan, while sustaining the funds required to pay your employees’ benefits.

Parente Randolph performs full-scope and limited-scope audits, including defined contribution and defined benefit plans, retirement, and health and welfare plans. As a matter of course, we offer guidance in navigating Internal Revenue Code, Department of Labor rules, Pension Benefit Guarantee Corporation rules, and Securities and Exchange Commission rules (where applicable for public filings).

Our approach is built on making our client’s audit a minimal disruption to daily activities. We focus on working with the plan’s service provider so that our clients receive timely, responsive services. Our audits are performed by well-trained, experienced professionals.

What We Bring to the Table

Parente Randolph audits in excess of 325 employee benefit plans. These plans are represented by a cross-section of defined benefit, defined contribution and health and welfare plans. Assets of the plans range in size from $200,000 to more than $1.6 billion.

We are a member of the Employee Benefit Plan Audit Quality Center and registered with the Public Company Accounting Oversight Board, allowing practice before the SEC.

Below are a few of the ways Parente Randolph approaches employee benefit plan audits:

With preparation of Form 5500 for all types of employee benefit plans
Assistance with resolving compliance issues, such as correcting prohibited transactions (including the preparation and calculation of excise tax and related Form 5330 and voluntary compliance programs, most commonly for late filers or non-filers of Form 5500 returns and delinquent participant contributions to pension plans)
Guidance with compliance and operational issues related to streamlining welfare benefit reporting, internal control processes, implementation of accounting principles, maintaining records and other financial and compliance reporting issues
Accounting services, such as summarizing investment statements and other accounting information
Assistance in reconciling transfers of investments and participant information where a trustee and or record keeper relationship is changed

Planning Wisely for your Company

There is no better time to evaluate your current service providers. Make sure your funds are spent on the right level of expertise for correctly navigating your employee benefit plans through all regulations and reporting requirements.