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Employee Benefit Plan Audits

AAFCPA’s Employee Benefits Plan Audit Division minimizes your risks and costs with proven best-value solutions.

Audit and Assurance

Employee Benefit Plan Audit & Consulting

AAFCPAs provides proactive guidance to retirement plan fiduciaries, clarifies financial statements, and identifies organizational and fiduciary risks. We review plan operations, compare plan activity to industry benchmarks, and provide input as appropriate on ways to improve internal processes and help you evolve your systems to handle new requirements.


High-Quality, Cost-Effective Employee Benefit Plan Audits

  • Benchmarking reports that compare your plan results to similar-sized plans
  • Analysis of expense ratios to enable you to choose the least expensive investment option
  • Best practice methodologies that increase operational efficiencies
  • Consulting on Health and Welfare Plan filings, Voluntary Compliance Filing Issues, and Plan Structure
  • Reviews of your Form 5500 to confirm that your investments reflect accurately in the financial information, and that you are operating the plan in compliance with ERISA

Representation for IRS/DOL plan examinations and compliance reviews

  • We provide unmatched communication and negotiation
  • We have deep knowledge of ERISA standards, and the legal nuances of IRS/DOL audit procedures
  • We help anticipate the DOL or IRS audit’s focus
  • We have assisted clients through the IRS Employee Plans Compliance Resolution System (EPCRS)

Internal “Readiness” Audits for plans approaching 100 participants

  • We identify opportunities to improve controls and gaps in compliance before an ERISA audit and related reporting is required

Plan Compliance

  • Definition of compensation
  • Eligibility determinations/controls
  • Employee contributions
  • Employer contributions match/profit share
  • Timeliness of contributions
  • Use of forfeitures
  • Adequacy of ERISA bond coverage
  • Plan document design and monitoring
  • Adequacy of plan oversight committee minutes
  • Fund analysis
  • Fee benchmarking
  • Discrimination testing and corrective action
  • SOC-1 controls
  • Cybersecurity controls

Investment Advisory Solutions*

  • Assistance with ERISA 404(c) compliance requirements
  • Investment policy statement design and monitoring
  • Investment Committee design and monitoring
  • Annual comprehensive fiduciary review
  • Investment allocation advice, monitoring and reporting
  • Plan design consulting
  • Development of the plan’s investment line-up, including default investments
  • Enrollment, education and participant communication services
  • On-going evaluation of fund performance to ensure investment plans are meeting investment goals while controlling risks
  • Executive benefit and compensation planning

*These services may be delivered through AAFCPAs’ affiliate company, AAFCPAs Wealth Management


AAFCPAs has a dedicated Employee Benefit Plan Audit Practice, led by a CPA/Chartered Global Management Accountant (CGMA) specializing in the qualified retirement plan field. Our seasoned team members conduct meaningful ERISA plan audits and consulting in a cost-efficient, timely, and thorough manner. We audit 140+ 401(k) plans, 401(a) plans, 403(b) plans, and defined benefit plans every year.

Members of AAFCPAs’ ERISA Audit Practice are active members of the MSCPA’s ERISA Accounting & Auditing Committee and AICPA’s Employee Benefit Plan Audit Quality Center, which allows us to lead and stay at the forefront of ERISA developments. Our close and respectful working relationship with decision makers at the IRS and DOL aids in our research of complex matters, and positively impacts the accuracy and timeliness of our solutions. Additionally, AAFCPAs chooses to be a PCAOB-registered firm.  This demonstrates our commitment to maintain the highest quality standards, protect investors, and further the public’s interest in the preparation of informative, accurate, and independent audit reports. You will benefit from the results of an audit team deeply committed and immersed in producing quality and meaningful ERISA audits.

AAFCPAs Wealth Management provides fiduciary consulting and investment advisory solutions for organizations so they may deliver the best possible benefit to employees with the least amount of risk. We monitor your organization’s portfolio of assets, devise strategies for growth, act as the liaison with investors, as well as recognize and educate to avoid serious risks. Our Mission is to provide valuable peace of mind to those who share the awesome responsibility to manage wealth.