As the pace of business quickens, the need for greater reliability of financial and non-financial data also increases. At Clark Schaefer Hackett, we believe an audit is more than just a compliance obligation. We offer an array of assurance services that will allow you to make smarter decisions and improve your organization’s performance.
We are in an elite group of firms providing employee benefit services.
Your company offers an employee benefit plan to attract and retain the best team members. Clark Schaefer Hackett’s Employee Benefit Plan Audit Group can help you guard that investment in top talent. CSH is one of the top 10 accounting firms in the nation to audit plans with 11-K filings.
Trusting your plan’s federal and SEC reporting requirements to a firm with our level of training, experience and expertise will greatly reduce your risk of fines and other penalties. And a CSH-performed audit provides more reliable information used to manage and administer your plan.
Public Companies Services
CSH provides audit services to over 275 plans, which makes us one of the top 25 firms nationally to audit employee benefit plans – by number of plans audited, number of participants, and assets held within the plans. But even more impressive for a regional firm, we have earned our place among national firms as an experienced auditor of SEC-registered plans. CSH is proud to offer the stability and capabilities of a national firm with the service delivery and relationship of a local firm.
Employee Benefit Plan Audit
Many public companies choose CSH to conduct their employee benefit plan audit over their primary accounting firm. After careful consideration, these SEC-registered plan sponsors find that:
- We provide a quality audit with competitive rates below national firms.
- Firm experts in ESOP Valuations, Fraud Examination, Qualified Plan Administration, and other service areas are ready to integrate with your audit team if necessary.
- Our shareholders and principals are accessible, and create a comfortable working relationship.
Limited or Full-scope Audits
Clark Schaefer Hackett has dedicated personnel and significant resources that focus on compliance, enforcement, accounting and operational issues. We perform limited or full-scope audits for publicly held plan sponsors on the following types of plans:
- Defined contribution, including 401(k) and ESOP plans
- Defined benefit plans
- Health and welfare plans
- Single and multi-employer plans
The US Department of Labor closely monitors plan audits. A poorly executed audit increases the risk of penalties of up to $50,000 to plan sponsors who file Form 5500s with deficient audit reports. There are required supplemental schedules and specific reporting requirements effected by ERISA, DOL and GAAP. These requirements make the area of pension audits complex and often place them outside of standard accounting services.
Qualified Plan Administration
CSH’s Qualified Plan Administration and Consulting (QPAC) group is a third-party administrator of employee benefit plans. QPAC clients can rest assured that the Employee Benefit Plan Audit Group can maintain independence and perform your plan audit. If you are considering a TPA, Clark Schaefer Hackett’s QPAC would be happy to review your plan to determine if your goals are being met, as well as look for ways to save money for you and your plan participants.
Our Approach to Client Service
Our engagements include multiple internal reviews and we’ve implemented an annual internal inspection process to review selected engagements to ensure they adhere to professional standards and firm policies.
We undergo peer review by another major accounting firm and PCAOB examination. Our firm is also subject to routine inspection by regulatory agencies such as the Auditor of State of Ohio, the Office of the Inspector General and Department of Labor. We continue to receive an unqualified “clean” opinion.
Our experts can help you stay compliant, manage risk, and make smart decisions. But we also respond promptly, deliver quality and truly care about your success.
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