service offerings
Employee Benefit Plan
CSA provides objectivity and insight into your employee benefit plan reporting issues. We provide a full spectrum of services regarding employee benefit plans, including plan audits and Form 5500 reviews.
Audits
An audit performed by CSA is the most detailed and extensive service and is appropriate, and required, for businesses that have 100 or more eligible participants in their benefit plans, subject to the 80-120 rule. A participant is defined as an employee that has satisfied the eligibility requirements of the plan, such as age and length of service, whether or not they chose to participate in the plan. Former employees with balances remaining in the plan are also considered participants.
Audits can be performed using a full-scope or a limited-scope approach. Either type of audit is acceptable to the Department of Labor.
• Full-scope: results in an unqualified opinion with audit procedures performed on each area.
• Limited-scope: disclaims an opinion on the audited financial statements.
Auditing procedures are not performed with respect to investment information prepared and certified by a bank or similar institution or by an insurance carrier that is regulated, supervised, and subject to periodic examination by a state or federal agency who acts as a trustee or custodian. Limited-scope audits are only available if the trustee or custodian certifies both the accuracy and completeness of the information submitted.
Management Letter Comments
As part of the audit engagement, CSA will provide comments and suggestions on operational aspects of your plan. These comments and suggestions are drawn from our experience auditing a variety of plans. CSA will also review the SAS 70 report on controls provided by the third party administrator.
Form 5500 Review
In order to complete the audit, CSA must perform a review of Form 5500. The Form 5500 is usually prepared by the plan’s third party administrator. Once the review of Form 5500 has been done, a final financial statement can be prepared in order to attach the return for the Department of Labor.
For more information, contact:
David R. Lingler, CPA, CVA
Partner, Director of Accounting & Auditing
513.483.6640
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