retirement is tough
Retirement Plan (ERISA) Audits
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). Should your employee benefit plan be required to have an audit, an important fiduciary duty of the plan administrator is to hire an independent qualified public accountant.
We regularly perform audits of the following plans:
- Full and DOL Limited scope engagements covering
- Defined contribution plans
- Profit sharing plans
What is your fiduciary responsibility?
As an employer that has provided your employees the opportunity to participate in a retirement plan, administration comes with select responsibility accepted by the person or entity charged with overseeing the plan. When operating and managing a plan, or controlling the plan’s assets, the individual assigned with making those decisions is considered a fiduciary.
At Verity, we provide audit services to pension plans as an independent qualified public accountant. We offer guidance, consultation, and knowledge thereby assisting Plan Sponsors in navigating their fiduciary responsibilities. We are committed to providing the highest level of service to our clients through our membership in the AICPA Employee Benefit Plan Audit Quality Center. Membership is available to those firms committed to applying best practices to employee benefit plan audits.
About Verity Accountancy, PCWe have the privilege of working with incredible clients from diverse backgrounds spanning varying industries.
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