Employee Benefit Plans

TWHC is a member of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center. The Center is a national community of CPA firms that demonstrate a commitment to retirement plan audit quality and raise awareness about the importance of retirement plan audits. The Center provides members with best practices, guidelines, and tools CPAs need to perform quality retirement plan audits and better serve their clients. Members of the Center demonstrate their commitment by voluntarily agreeing to adhere to Center membership requirements, including designating a partner responsible for the retirement plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making the firm’s peer review report findings publicly available.

TWHC is committed to helping clients with their employee benefit matters, such as 401(k) plan audits, pension plan audits and other retirement plan issues. Our employee benefit plan engagement teams are composed of audit professionals and compensation and benefits professionals. These auditors and professionals are experienced in working with all forms of employee benefit plans, such as defined benefit and defined contribution plans, including 401(k) and 403(b) retirement plans, money purchase plans and profit sharing plans.

TWHC has been providing audit services for employee benefit plans for over 30 years. We provide guidance and insights when they of most value to our clients and help them meet their fiduciary duties. Substandard work can be costly and may result in significant penalties by the DOL on administrators of employee benefit plans. We have extensive experience with error corrections, preventing significant financial penalties and saving many organizations in the long run.

During a benefits plan audit, our auditors and professionals gain a thorough understanding of the plan and its internal controls in order to tailor our approach and achieve a cost-effective and collaborative audit. One area of particular focus is compliance monitoring. In order to comply with DOL and ERISA regulations, certain audit steps, which would not be required absent those regulations, are performed. In addition, as part of every employee benefit plan audit performed, a senior member of our compensation and benefits group performs a review of the IRS Form 5500, plan documents, compliance testing results and other information, focusing on assessing the accuracy of the IRS Form 5500 and compliance with certain DOL and ERISA requirements. Through this process we are able to provide valuable insight into the compliance activities of your plan and assist in avoiding compliance deficiencies.

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