An integral component of the annual reporting and disclosure provisions under Title I of the Employee Retirement Income Security Act (ERISA) is the requirement for plans with more than 100 participants, which hold assets in trust, to obtain an annual financial audit by an independent qualified certified public accountant.
Audited financial statements and the independent certified public accountant's report on the fairness and consistency of their presentation must be filed with Form 5500. The audit requirement is intended to ensure the integrity of the financial information incorporated in the annual reports. Section 103 of ERISA specifically requires that these audits be conducted pursuant to the standards established by the
accounting and auditing profession in the pronouncements which define generally accepted accounting principles and generally accepted auditing standards.
Our firm provides audit services for defined contribution plans subject to the Employee Retirement Income Security Act (ERISA). As a member of the AICPA Employee Benefit Audit Center (The Center) our firm is required to meet additional continuing education standards in this practice area. The Center provides specific additional resources to help its members stay abreast of the latest regulatory changes that could impact your defined contribution plan.