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Employee Benefit Plan Audits

Employee Benefit Plan Audits

The firm you select for your EBP audit can make your life easier or cause you many headaches. A plan audit fulfills your fiduciary responsibility and reassures your employees that their assets are protected. The necessary finds 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. Our team members have experience and understand the complexity of the financial and regulatory requirements.

We have a proactive and responsive EBP team to give you a quick turnaround on your audit. Here are some of the ways we stand out:

  • Reasonable fees: Expertise and efficiency add up to savings for our clients. You can expect to receive a professional, thorough audit for a fair fee. As an added convenience, we offer a multi-year fixed-fee engagement. You might pay a little more the first year but you pay a lower rate in the long run.
  • Proven experience: We’re committed to EBP audits as a core business, not just fill-in or off-season work. You’ll have direct involvement with senior level staff who knows your business.
  • Staff Continuity: Working with the same person year after year adds value beyond execution.
  • Streamlined process: Our experience across a wide range of plans results in a streamlined process with little interruption to you and your staff.

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.

We provide audits for a variety of employee benefit plans, including:

  • Defined Contribution Plans, including 401(k) and 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 EBP audit practice to deliver the highest quality audit services possible.

Salmon Sims Thomas serves plan sponsors in the Dallas-Fort Worth area. Please contact Bill Sims to learn how we can make your EBP plan audit simple.