Are you ready for your 403(b) plan audit?
Do you have 100 or more employees eligible to participate in your 403(b) plan? Under these new regulations you may be required to file audited financial statements beginning with your 2009 Form 5500 filing. For the first time in more than 40 years, the Internal Revenue Service has dramatically rewritten federal regulations that govern 403(b) plans. These changes impose due diligence and complex compliance criteria and generally became effective for taxable years beginning January 1, 2009.
It is not too early to begin thinking about this. In fact, we are encouraging it so you can stay one step ahead.
The employee benefit plan team at Elko & Associates can work with your service providers to determine whether or not you require an audit. If an audit is necessary we are able to provide one of the following two options.
OPTION 1: Your organization requires an audit
To help you comply with the new 403(b) requirements, we will:
- Perform the first audit of your plan.
OPTION 2: You already have your auditors in place
To ensure your plan information is accurate and up-to-date, we will help you:
- Locate “missing” plan participants so your information is complete
- Evaluate your processes to make sure proper internal controls are established over the financial reporting process.
- With the preparation of your financial statements and required disclosures.
- Guide your organization to ensure that your plan is in compliance with the plan’s tax exemption requirements.
Generally, auditors cannot perform both option one and two due to independence issues.
Performing an audit of a 403(b) plan requires a special level of understanding. Your current accounting firm may not have the staff, knowledge or experience to audit a 403(b) plan. Our firm has a designated team that specializes in the audits of employee benefit plans. The value of the audits we perform is important to us. Providing our clients with quality service is part of our mission. Our membership with the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center strengthens our commitment to remain knowledgeable about the latest plan requirements and regulations.
Elko & Associates also has a large practice that caters to Tax-Exempt Organizations. Over 30% of our audit practice concentrates in this specialty area. We understand your industry along with your employee benefit plan requirements.
Contact Veronica Plousis for more information about our accounting services in employee benefit plans.
Additional links
Frequently asked questions your auditor may ask you
Information that you will need to be prepared for your 403(b) retirement plan audit
|
