Benefit plans are our only business; they are not “filler work” or side business. We do them year round and we have developed the proprietary tools and checklists to complete the audit efficiently while at the same time meeting the myriad of regulatory requirements.
Audit in weeks, not months! – Our efficient methodology allows us to complete the audit in a short period, typically 4-6 weeks from start to finish. Typically we have 2 in-person meetings over the course of the audit, a planning meeting and a wrap-up meeting.
Our firm has a well-established process for new clients. We know the requirements inside and out, so we only request the documents that we need. We have relationships with the major third party administrators and we obtain most of the information we need directly from them to keep your time investment to a minimum. A short checklist of documents is all we need to begin.
The following is our standard timeline from the onset to the completion of the audit.
Obtain signed engagement letter
Provide a short list of required plan documents (first year only)
Meeting 1 – Planning meeting to understand your processes
Complete risk assessment and control strength procedures
Obtain and review SAS 70 reports from your service providers
Request record keeper and custodian documents / certifications
Complete trial balance and preliminary analytical review
Pick samples for testing of transactions
Obtain documents from record keeper and complete testing (To maximize efficiency, we perform dual testing to test the effectiveness of your internal controls and provide our primary source of assurance)
Provide draft financial statements
Meeting 2 – Audit wrap-up meeting / phone conference
Obtain management representation letter
Issue financial statements
Provide Management Report, including general recommendations, required communications, compliance issues and internal control improvements.