In 2015, the Employee Benefits Security Administration reported that 39% of annual audits of plan financial statements contained major deficiencies to one or more applicable requirements. The rules for employee benefit plans audits are complex, which is why the importance of hiring experienced employee benefit plan auditors cannot be understated.
Auditor errors can result in significant fines, possible disciplinary actions, and even loss of license. While those are certainly worse-case-scenarios, it’s also reported that clients sometimes become disillusioned with their current firm because:
- They see different faces every year
- There’s a lack of communication
- Their audits drag out over too long a period of time
- They don’t receive suggestions on how to improve things
Boris Benic and Associates is a leading expert in employee benefit plan audit and compliance services, currently auditing plans with total net assets in excess of $1.5 billion. Our experience runs so deep, in fact, Big Four Accounting firms refer their clients to us for their benefit audits. As members of the AICPA’s Employee Benefit Plan Audit Quality Center, those firms understand our commitment to maintaining the highest quality assurance standards in performing audit and compliance services.
Here’s what we can deliver:
- An expedient and dedicated team of professionals with a keen eye for detail
- Strong technical knowledge of Generally Accepted Auditing Standards (GAAP) and the Employee Retirement Income Security Act (ERISA) requirement
- Experienced professionals who perform audits and prepare Form 5500 and other filings in a methodical and timely fashion.
- Constant communication with compensation and benefits professionals
We know it takes specialized expertise to excel in employee benefit plan audits. If your level of frustration with your current auditor is growing because of these or other equally important matters, we welcome the opportunity to discuss the benefits of working with Boris Benic and Associates.