Employee Benefit Plan Audits

Employee Benefit Plans

At Richey May, we understand the role your employee benefit plan plays in the overall success of your business. You also have a fiduciary responsibility to your participants to manage risk and protect their retirement assets. Typically for those plans with 100 or more participants, a quality audit conducted by a qualified independent public accountant is not only required, but essential to ensure the overall financial integrity of your plan.

As quoted in the AICPA’s Audit Quality Center, “the higher the quality of a plan’s financial statement audit, the more reliable the information used to manage and administer the plan.” Audits performed by our Employee Benefit Plan team are backed by years of experience and a thorough knowledge of the regulatory environment. We currently audit over 50 employee benefit plans throughout the country, and have established a solid reputation within the industry for delivering value to our clients through our expertise while maintaining competitive fees.

Firm Memberships

Richey May has demonstrated its commitment to quality by being a member in both the Employee Benefit Plan Audit Quality Center and Private Companies Practice Sections of the AICPA Division for CPA Firms. Both of these voluntary memberships allow us to stay abreast of new auditing standards and best practices within the industry.


EBP memberships

Does your plan include fewer than 100 participants?

As a fiduciary, you can be personally liable for actual losses or lost profits due to the misuse of employee benefit plan assets. Operational deficiencies are often discovered during an audit – but audits are typically not required for plans under 100 participants. So without an annual audit, how are you protecting your company, yourself, and your employees’ retirement?

Richey May’s Employee Benefit Plan Agreed Upon Procedures (AUP) program provides fiduciary due diligence to plans under 100 participants to help manage risk. We will specifically review areas related to:

  • Compliance with plan documents
  • Eligibility requirements
  • Participant data testing
  • Contributions
  • Benefit payments

Let the independent auditors of Richey May help you confidentially identify your plan’s operational deficiencies before they become a financial liability.

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