Audits of Employee Benefit Plans

K Financial is a CPA firm with a specific practice area dedicated to providing employee benefit plan audits. We perform audits of defined benefit, 401(k) and defined contribution, and health and welfare plans. Our experienced CPAs will work with you to navigate the audit process and requirements.

K Financial is an active member of the AICPA Employee Benefit Plan Audit Quality Center, which is a community of firms that demonstrate a commitment to employee benefit plan audit quality. The Center serves as a comprehensive resource provider for member firms.

Comprehensive Services. Clearly Defined Costs.

Because we specialize in employee benefit plan audits, our CPAs obtain extensive, ongoing training on industry trends and benefit-plan specific risks and audit techniques. This enables us to deliver audit services in a highly efficient and effective manner and results in consistently competitive audit fees, year after year.

Regardless of the type of plan, the scope of our audits generally include tests of investments, contributions to the plan and related receivables, benefit payments from the plan and related payables, participant data and plan obligations. In addition, our audit methodology includes procedures to address party-in-interest transactions and the tax status of the plan.

Audits of Defined Benefit Plans

Defined benefit plans set a fixed benefit for employees at retirement. Our audit methodology is designed to ensure that defined benefit plans are following the principal provisions of the Financial Accounting Standards Board, which establish generally accepted accounting principles for defined benefit pension plans and prescribes the general form and content of financial statements of those plans. Our audit approach also includes clearly defined tests of actuarial data, when applicable, and data derived from the work of other specialists.

Audits of Defined Contribution Plans

We audit all varieties of defined contribution plans, including section 401(k) plans, thrift or savings plans, money purchase pension plans and employee stock ownership plans (ESOPs).

Our audit methodology for defined contribution plans, including 401(k) plan audits, ensures that the significant risk factors related to contributions, benefit payments, loans, forfeitures, participant data and tax status are addressed in an efficient and effective manner. Comprehensive audit work programs and other tools tailored to employee benefit plan audits ensure that financial statements are in the appropriate format and the related footnote disclosures and supplemental schedules are complete and accurate. 

Audits of Health and Welfare Plans

We audit both defined benefit and defined contribution health and welfare plans. These plans are subject to certain fiduciary, reporting and other requirements under the Employee Retirement Income Security Act of 1974 (ERISA). Because the accounting and reporting requirements for health and welfare plans vary depending on factors such as whether they are funded, partially funded or unfunded, our employee benefit plan audit specialists are a valuable resource for companies with these plans. Our audit methodology for health and welfare plans ensures that the many unique ERISA reporting requirements and risks are appropriately addressed.