Is Your Accountant Qualified To Perform Your Employee Benefit Plan Audit?

Department of Labor Recommendations

Smith and Howard

The number of employee benefit plans the CPA audits each year, including the types of plans;

We audit over 100 plans each year* consisting of 401(k) and 403(b), health and welfare and pension plans for both public and private companies.

The extent of specific annual training the CPA received in auditing plans;

Our EBP staff is trained with local and national resources. Three full days are dedicated to training specifically on EBP matters in addition to other accounting training provided annually.

The status of the CPA’s license with the applicable state board of accountancy;

The CPA licenses of each Smith and Howard professional are current and without issue.

Whether the CPA has been the subject of any prior DOL findings or referrals, or has been referred to a state board of accountancy or the American Institute of CPA’s for investigation; and

Smith and Howard has not been the subject of any DOL findings or referrals, nor has the firm been referred to the state board of accountancy or the AICPA for investigation.

Whether or not  your CPA’s employee benefit plan audit work has recently been reviewed by another CPA (this is called a “Peer Review”) and, if so whether such review resulted in negative findings;

Our audit practice – including employee benefit plan audits – are reviewed every three years by a peer firm. Every peer review of Smith and Howard has resulted in the highest attainable opinion by the peer firm  (“Unqualified”) and recorded with the AICPA

Other: We are a member of the AICPA Employee Benefit Plan Audit Quality Center, a firm-based voluntary membership center for firms that audit employee benefit plans. The Center was established to promote the quality of employee benefit plan audits.