Employee Benefit Plan Audits

For HR leaders and retirement sponsors, ensuring employee benefit plan compliance can be a daunting task. Our experienced team makes the audit process simple, giving you more time to focus on your business, not filing compliance documents.

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American Institute of Certified Public Accountants

Sensiba has been a member of the AICPA Employee Benefit Plan Audit Quality Center since its formation in 2003. Additionally, we have received clean Peer Review reports from the AICPA every cycle since the beginning of the Peer Review process.

Types of Audits

401k

Detailed audits to ensure compliance and effective management of retirement plans.

403b

Specialized audits of tax-advantaged retirement plans for nonprofits and schools.

11-k

Comprehensive audits for employee stock purchase plans and company securities compliance.

Defined Benefit Plans

Accurate audits to verify funding and regulatory compliance for pension plans.

Our Three-Phased Approach

Employee Benefit Plan Audits

Mar 23

Phase 1 – Planning

Holding a kickoff meeting to determine critical events and a preliminary request list

Obtaining preliminary requested schedules and plan documents, and gaining access to the plan administrator website

Understanding how the company processes transactions within the plan, preparing confirmations, and providing testing selections

Mar 23

Phase 2 – Fieldwork

Performing participant and transaction testing, and conducting interviews with client team members

Concluding fieldwork, including an audit status meeting and next steps

Mar 01

Phase 3 – Financial Reporting

Processing and assisting plan management in preparing financial statement schedules, and reviewing Form 5500, audit completion procedures, and open items from Phase 2