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Helping you help your employees
When it comes to the audit of employee benefit plans, experience counts! As a Decosimo client, you gain the expertise that comes from years of experience auditing hundreds of plans of all types (including defined contribution, defined benefit, ESOPs, and health and welfare plans) for clients in industries including hospitality, manufacturing, financial institutions, and many more.
The Department of Labor (DOL) is committed to assuring that employee benefit plans are in compliance with the plan document and Employee Retirement Income Security Act (ERISA) regulations.
Under ERISA, companies are required to file an annual report with the Department of Labor, which provides the information to the IRS and the Pension Benefit Guaranty Corporation (PBGC).
For plans requiring an audit, DOL requirements state that the auditor's report, audited financial statements, or notes must disclose various matters, such as accounting principles; a plan description; termination priorities; tax status; loss contingencies; significant real estate or other transactions between the plan and its sponsor; related party transactions; and other unusual events. Most, if not all, of these disclosures are also required by GAAP.
Our EBP team attends annual conferences and seminars sponsored by the DOL, the AICPA, and the International Institute of Employee Benefit Plans. That means you work with professionals who fully understand the latest regulations and laws concerning EBPs. In addition, we maintain our understanding of these requirements throughout the year with subscriptions to numerous publications – including industry and professional journals – published by leading authorities in the field of employee benefits.
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