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We are one of the largest benefit plan audit practices in the U.S.
When it comes to employee benefit plan audits, The Bonadio Group’s experience and expertise is second to none.
In the early 2000s, we identified employee benefit and retirement plans as an underserved niche. Our focus on the specific compliance and reporting elements of these plans has resulted in the growth of our benefit plan practice to one of the 25 largest in the United States, according to U.S. Department of Labor statistics. Please click here for guidance from the DOL on how to select a quality auditor for your plan.
Many CPA firms audit employee benefit plans, but few truly specialize in this complex and highly regulated area. Our current practice consists of more than 400 plan audits, ranging in size from 100 participants, to more than 26,000 participants, with net assets in excess of $2.5 billion. Our clients benefit by having a team of dedicated and experienced professionals who specialize in this highly regulated industry—individuals who not only know how to audit employee benefit plans, but who stay abreast of changes in the employee benefit plan arena, including DOL and IRS requirements.
Bonadio has an established program that ensures all engagement personnel possess current knowledge of applicable professional standards, rules, and regulations for employee benefit plan audits. We are also members of the AICPA Center for Public Company Audit Firms and have been a member of the AICPA Employee Benefit Plan Audit Quality Center since its inception. We attend and present at the AICPA’s National Employee Benefit Plan Conference on an annual basis, and all managers, seniors, and staff are required to attend annual in-house training on audits of employee benefit plans.
The DOL has determined through their inspections that the number of plans a CPA firm audits has a direct correlation to the quality of the audit. The DOL estimates that 50 percent of the CPA firms that audit employee benefit plans only perform one to two plan audits each year, and a staggering 75 percent of these plan audits have deficiencies. On the other end of the spectrum, 1 percent of the CPA firms that audit employee benefit plans audit more than 100 plans each year, and these audits generally meet DOL standards for a quality audit. Having a deficient audit exposes the plan sponsor to potential civil penalties. Please click here for guidance from the DOL on how to select a quality auditor for your plan.
Student Health Insurance Plans
Greater numbers of colleges and universities are choosing to offer self-funded student health insurance plans (SHIPs). SHIPs are specialized arrangements that require knowledge of insurance law, such as New York State Regulation 118—the Model Audit Rule—and Bonadio’s experts are well versed in that protocol. In fact, Bonadio teams are experienced in conducting independent audits of these plans of any size. What’s more, our firm has the working relationship with the New York State Department of Financial Services to make this process as painless as possible for our clients. If you are contemplating the SHIP structure, but are not sure if it is feasible for your college or university, a good way to get started is through a consulting engagement, during which Bonadio helps you understand the numerous reporting and compliance requirements, so you have a roadmap for SHIP-audit success.
Bonadio has coordinated the implementation of new employee benefit plans and assisted in the training and development of client personnel.
Our experience includes:
Defined benefit plans
Health and Welfare Plans
Money purchase plans
Self-correction of plan errors
Analysis of Investment Performance
Education on fiduciary governance
Assistance with Voluntary Correction Program (VCP) filings
Assistance with prohibited transaction issues
Assistance with IRS and DOL audits
Form 5500 preparation
Examination of the plan's operations including developing recommendations for improvement
Review of compliance with the plan document, IRS, and DOL regulations
Internal control reviews
Why select Bonadio as your employee benefit plan auditor?
You'll work with audit teams that specialize in the industry, and can help you stay ahead of the regulatory curve.
Our turnover is half the industry average, ensuring continuity in staffing for your audit.
We train our people, so we don't expect you to, and you won't get the same questions every year.
We'll make efficient use of our time in your office, to minimize disruption for your staff.
Our partners are involved, both during the audit and throughout the year for any questions or issues as they arise.
We pride ourselves on providing outstanding service at a reasonable cost.
Accounting Standards Update reduces pension complexity and disclosures
In July 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-12, which consists of three parts and impacts employee benefit plan engagements. The amendments are effective for calendar year 2016 employee benefit plan engagements...