Employee Benefit Plans

The firm you select to audit employee benefit plans can make your life easier or cause you many headaches. Generally, federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). A plan audit fulfills your fiduciary responsibility and reassures your employees that their assets are protected. The necessary funds will be available to pay their retirement, health, and other promised benefits.

It is important you choose an auditor, such as Salmon Sims Thomas, who has a thorough understanding of the financial and regulatory requirements. Salmon Sims Thomas team members have experience and understand the complexity of the financial and regulatory requirements. Their knowledge and desire for a team effort makes the process truly a benefit for all parties.

We perform both limited-scope and full-scope audits. As long as the Department of Labor continues to accept limited-scope opinions, we will continue to perform them where available. This approach reduces audit fees; thereby allowing the plan or the company to use those funds elsewhere.

Our services for employee benefit plans include:

• Defined Contribution Plans, including 401(k), 403(b)
• Profit Sharing and Employee Stock Option Plans (ESOP)
• Welfare Benefit Plans

Our Quality Commitment

As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center, we are committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include designating a partner responsible for our employee benefit plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.

Our goal is to continue to enhance our quality initiatives within our employee benefit plan audit practice to deliver the highest quality audit services possible.

Salmon Sims Thomas is located in Dallas, Texas. Please contact Michael Lawrance, our 401k specialist, to learn how we can make your plan audit simple. Click here to read more about Michael.