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EMPLOYEE BENEFIT PLAN AUDITS

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At Chugh CPAs, LLP, we understand your unique needs. Our role is not to be merely spectators, but participants and partners in overcoming the challenges you face in running your business. We have the resources to be an asset to your employee benefit plans. With our timely and efficient service, we deliver peace of mind.

Chugh CPAs, LLPs Employee Benefit audit services for retirement plans and post retirement plans are designed to assist our clients with ongoing plan administration responsibilities. Post-retirement plans for Healthcare and welfare benefits include services such as dental care, medical care, eye care, legal services, tuition assistance, day care assistance and other services that are provided to retirees, their spouses, dependents and beneficiaries of benefits other than pension benefits. Healthcare benefits are generally considered the most important and largest post retirement benefits. The professionals at Chugh CPAs, LLP who audit your plans have experience and knowledge in the pension plan, retirement plan and post-retirement plan areas. This includes thorough knowledge of pension basics as well as awareness of advanced pension issues. Chugh CPAs, LLP has the unique experience required to efficiently and accurately perform audits of all types of employee benefit plans, including

Following are the services our firm offers:

  • Defined contribution plans
  • Defined benefit plans
  • Welfare benefit plans (Post-retirement)
  • Healthcare benefit plans (Post-retirement)
  • Employee benefit plan auditing
  • Employee benefit plan compliance reviews
  • Employee benefit plan consulting
  • Employee benefit plan corrective Action consulting
  • Employee benefit plan tax preparation (Form 5500)
  • SAS 70 reviews for Third Party Administrators (TPA)

The Employee Retirement Income Security Act (ERISA) covers two types of pension plans: defined benefit plans and defined contribution plans. Generally, Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). If your employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent qualified public accountant. A quality audit will help protect the assets and the financial integrity of your employee benefit plan and ensure that the necessary funds will be available to pay retirement benefits to your employees. A quality audit also will help you carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year. Because an incomplete, inadequate, or untimely audit report may result in penalties being assessed against you as the plan,s administrator, selection of an experienced and reliable auditor is very important. An audit report for these plans must accompany the Form 5500. There are mandatory supplemental schedules and have very specific reporting requirements imposed by ERISA, the DOL and generally accepted auditing standards (GAAS). These unique requirements make the area of pension audits very complex and place them outside the scope of standard accounting and auditing services. Chugh CPAs, LLP has a wide breadth of experience providing consulting and audit services and our expertise can help you catch even the smallest details that could be seen as potential problems by the regulators. Our audit team is trained in the specialized area of employee benefit plan audits.

We are members of the American Institute of Certified Public Accountants and the California Society of CPAs. When you engage Chugh CPAs, LLP for your employee benefit plan audit, your organization will receive:

  • Efficient coordination with the plan sponsor, asset custodian and administrator that results in timely, accurate reporting
  • A quality product that complies with all reporting and disclosure requirements, which gives peace of mind
  • Timely completing of reports in advance of the filing deadlines
  • Responsive technical support during the plan year, which avoids year-end problems and delays

Chugh CPAs, LLP ensures that our processes, training, policies and procedures comply with applicable professional standards, rules and regulations for ERISA employee benefit plan audits.

"It is an immutable law in business that words are words, explanations are explanations, promises are promises but only performance is reality." - Harold Geneen

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