BENEFICIAL OWNERSHIP INFORMATION

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Employee Benefit Plan Audits

Guiding your future Always

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Comprehensive Audits by Experienced CPAs

Employee Benefit Plans come in all shapes and sizes — simple and complex, large and small. Employee benefit plans with 100 or more participants, and in some cases less than 100 participants, are required to have an employee benefit plan audit performed. These audits allow employers to stay within the requirements of various regulatory bodies, including ERISA and the Department of Labor.

Choosing an auditor is a very important task that the plan sponsor should not take lightly. A state licensed certified public accountant should perform the audit. A quality employee benefit plan audit reports on the plan’s financial statements and will offer ways to improve the plan operations.

Choosing a qualified auditor is an extremely important choice due to specific tests that must be performed for each employee benefit plan. Many audits fail to conduct tests in area that are unique to employee benefit plans. This is why it is vital the CPA performing the audit must be knowledgeable and have the necessary training and experience to ensure the plan is properly audited in accordance with special auditing standards and rules specific to each plan.

Experience Counts

BatesCarter is proud to be an Employee Benefit Plan Audit Specialists. We perform these types of audits as part of our core business. Our firm is a voluntary member of the AICPA Employee Benefit Plan Quality Center, a national initiative that provides us with the tools, education and research to help us meet the challenges of pension, health and retirement plan audits. BatesCarter is one of only three firms in the Gainesville, Georgia to meet these qualifications.

This membership means we subject ourselves to additional scrutiny so that we can maintain the highest level of quality.

BatesCarter understands the details of complicated plan documents and we are trained in audit procedures and disclosure requirements unique to the benefit plan industry.

Excellent Value

Over the years, we have committed substantial resources to creating an extremely efficient benefit plan audit practice. Our staff members know which questions to ask and where to look for answers. And while each plan is different, we’ve created a streamlined process that produces an effective, quality audit at a very competitive fee.

The bottom line is we know how to preserve and promote the bond of financial trust that an employee benefit plan creates between employers and employees. We understand the importance of that fiduciary responsibility and we take steps to protect your assets. Always. 

Qualified Retirement Plans

A qualified retirement plan is a plan that meets the requirements of Internal Revenue Code Section 401(a) and the Employee Retirement Income Security Act of 1974 (ERISA). Meeting these two requirements make an individual eligible for certain tax benefits.

An overview of the tax benefits includes the following:

  • Allows employers to deduct annual allowable contributions for each participant;
  • Contributions and earnings on those contributions are tax deferred until withdrawn for each participant;
  • Some of the taxes can be deferred even further through a transfer into a different type of IRA.

By law, once a company reaches 100 qualified retirement plan eligible participants, the Plan must be audited. At BatesCarter, we have the experience and knowledge necessary to perform such an audit. Kristi Griffin is a partner at BatesCarter and serves as the firm’s Employee Benefit Plans Team Leader. Her responsibilities include many auditing services such as those required for qualified retirement plans.

Because we are a voluntary member of the AICPA Employee Benefit Plan Quality Center, we have access to the tools, education and research necessary to meet the challenges of pension, health, welfare and 401(k) and 403(b) plan audits. This competitive advantage is one of the many reasons clients choose BatesCarter over other accounting service providers in Atlanta and North Georgia.



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