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Employee Benefit Plans
We audit approximately 50 employee benefit plans of all types (including defined contribution, defined benefit, ESOPs, and health and welfare plans) for clients in industries ranging from hospitality, manufacturing, to financial institutions.
There are important implications for reporting and auditing responsibilities based on the plan's classification and specific type.
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 states 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 committed professionals attend annual conferences and seminars sponsored by the DOL, the AICPA, and the International Institute of Employee Benefit Plans. We keep up to date on the latest laws and regulations through subscriptions to numerous publications.
Decosimo is an independently owned and operated member firm of both the Moore Stephens North America (MSNA) association of member firms and the Moore Stephens International Limited (MSIL) network of member firms. Neither MSNA nor MSIL provide services to clients. Decosimo is a separate and distinct legal entity, subject to the laws and professional regulations of the jurisdictions in which it operates, and is not authorized to obligate or bind MSNA, MSIL, or any other member firm of MSNA or MSIL. Decosimo is liable only for its own acts or omissions and not those of any other person or entity including MSNA, MSIL and other member firms of MSNA and MSIL.