Common Mistakes and Pitfalls for 401(k) Plan Administration
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Employee Benefit Plan Audit Services
LGA’s clients turn to us first because we make their goals our own by supporting businesses with a range of services, from assurance services to tax and strategic advisory. Every business is unique, so we tailor how we provide our employee benefit plan audits to pragmatically achieve what needs to be done without rigid systems or red tape. While not all business owners may not fully understand the value of an employee benefit plan, they are highly scrutinized by the Department of Labor and IRS, so your choice of auditor is of keen importance.
When is it time to change auditors for your employee benefit plan?
If you’re working with a Big 4 firm: There’s rarely a reason to pay their higher fees when LGA can provide the same high-quality audit at a more appropriate cost to the company, under a client service centric delivery model.
If you’re working with a firm that only audits a few employee benefit plans: The DOL has issued guidance on this matter after finding very low-quality work by those firms that “dabble” in the area. LGA has conducted hundreds of employee benefit plan audits and has consistently delivered results that stand up to the regulators’ quality standards.
If you don’t know your auditor’s name: The DOL has placed a strong emphasis on gaining an understanding of the business and the operations of the Company and the Plan during the audit and LGA is committed to both in our audit process. Our dedicated team of benefit plan professionals are available to take your call any time throughout the year if you have questions about your Plan.
If you’re not sure what value you’re getting for your money: While this may be a regulatory driven audit, you should still expect to receive value from the process through recommendations of process improvements and related best practices to ensure your plan is always in compliance with DOL and IRS requirements.
Why choose LGA for your employee benefit plan audit?
Insightful Analysis
LGA’s employee benefit plan team has the experience needed to bring you fresh ideas.
Recommendations
Beyond compliance, we’ll help you improve processes and procedures each year that will help to keep you compliant with the voluminous requirements.
Client Communication
Before, during, and after, you’ll be in-the-know! Our team prides itself on strong and effective communication throughout the process so you’re never left guessing where things stand.
Commitment to Quality:
LGA keeps current with DOL and IRS regulations through its active membership with the AICPA Employee Benefit Plan Audit Quality Center. To maintain this membership, LGA agrees to an added layer of scrutiny by the AICPA to ensure that we maintain the highest quality audit standards. In fact, none of LGA’s employee benefit plan audits have ever been found deficient in a DOL review.
Recently we asked LGA to perform our first 401(k) audit, and we are so grateful we did. We went through a steep learning curve with them and have exited the process in a much stronger state. I have been thrilled to have them as partner-mentors in this process. They are thorough, professional and very pleasant to work with. – Tom Cheatham, JCCNS
120
participants
The number of eligible participants in your plan that will likely trigger the need for an employee benefit plan audit.
$653
billion
Participant funds at risk because of “Unacceptable-major” deficiencies in employee benefit plan audits nationally.
0
deficient DOL audits
None of LGA’s employee benefit plan audits have ever been found deficient in a DOL review.
Resources
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Preparing For Your Initial EBP Audit
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Employee Benefit Plan Audit Team Leader
Matt Touma
Matt is a manager of LGA’s employee benefit plan audit practice providing financial reporting services as well as ERISA compliance assistance and consulting. He also leads the private equity assurance and attest team, leveraging years of servicing and advising owner managed businesses. Having managed both the A&A and tax compliance of for-profit and nonprofit entities, Matt brings a well-rounded skillset to his engagements with a focus on ensuring that the unique needs of each client are being addressed. Matt stays abreast of changes in the accounting standards affecting his clients and works with their management teams to ensure the timely and appropriate adoption of these changes, while effectively educating them on how these changes affect the company and related constituents, such as investors and lenders.