For most nonprofits, pension plan fiduciary and compliance responsibilities are high-risk endeavors requiring the protection of participant account balances. The penalties levied by the Department of Labor for noncompliance can be severe. Also, if not properly administered, the organization may have monetary liability to the participants.
Our benefit plan audit services include full and limited scope audits, 5500 preparation, and review of reports and internal controls. We also perform compliance procedures and test balances concentrating on those areas most critical to ERISA and analyze selected income and expense items.
The key objective of an employee benefit plan audit is to ensure the protection of the participants’ funds. By thoughtfully applying and analyzing testing procedures, our evaluation becomes a critical component of your plan’s overall compliance efforts.
Tate & Tryon is a proud member of the AICPA Employee Benefit Plan Audit Quality Center.