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For more information regarding our Employee Benefit Plan Audits
Contact:
Christopher P. Fallon, CPA
Partner
Email: [email protected]
804/282-6000
Mr. Fallon has been recognized by Virginia Business Magazine and the Virginia Society of CPAs as a "Super CPA" in the area of tax and business accounting.
He is an active member of the Employee Benefit Plan Audit Quality Center. Mr. Fallon regularly attends national conferences and continuing education in this field with AICPA. The AICPA has established the Employee Benefit Plan Audit Quality Center, a firm-based voluntary membership center for firms that audit employee benefit plans. Employee benefit plan audits include pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL). Annually, Mr. Fallon oversees the continued education of Firm personnel on annual training for employee benefit plans.
Mitchell, Wiggins & Company is also a member of CPAmerica. Mr. Fallon regularly shares information with member CPA firms across the United States with conferences and on-line discussion boards in the area of employee benefit plans.
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Employee Benefit Plan Audits
When it comes to employee benefit plan audits, you have come to the right place in Virginia.
Mitchell, Wiggins & Company provides audit services for plans with 100 or more participants.
Whether your plan just reached 100 participants or you are now in the role of Fiduciary (Plan Sponsor), you have new responsibilities regarding your organizations pension plan.
Don't worry.
You are not alone. We've helped other plan sponsors with their Employee Benefit Plan Audit for years.
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Our experienced team of auditors will help you understand your role as plan sponsor and the required audit requirements. With our specialized knowledge and training in audits of employee benefit plans/pension plans, our staff is able to efficiently guide you through the entire audit process. We routinely work with organizations who transition auditors and have established a set of documented procedures to ease your worries during transition.
Pension Plan
Employee Benefit Plan Services:
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401(k) Plans (including Employer Matching Plans)
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403(b) Plans
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Defined Benefit Plans
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ESOP’s
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Frozen Plans
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Money Purchase Plans
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Assistance with Voluntary Correction Program (VCP) filings
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Recommendations for Improvement
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Review of Compliance with the Plan Document, IRS, & DOL Regulations
Includes some of the following audit procedures:
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Systems understanding and evaluation of appropriateness
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Test of investments and activity
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Test of Participant Data
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Test of Participant Equity
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Test of Distributions
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Test of Contributions
Contact us for a complimentary telephone consultation on our employee benefit plan audits. Call 804/282-6000 and speak with Chris Fallon.
FAQ:
Q: Am I required to have an audit?
A: If you are a Plan Sponsor with with 100 or more participants. Generally, under Federal law, employee benefit plans with 100 or more participants are
considered “large plans” and must have an audit performed by an independent certified public accountant as part of their obligation to file an annual report know as the Form
5500. In determining participants for these purposes, an individual is usually deemed to be
a participant under a health and welfare plan when they become eligible for benefits and
under a pension plan when they have satisfied the plan’s age and service requirements for
participation.
If your employee benefit plan is required to have an audit, it is the plan administrator’s duty
to hire an independent auditor in order to comply with Employee Retirement Income Security Act of 1974 (ERISA).
READ: Meeting Your Fiduciary Responsibilities : October 2008 Published by the U.S. Department Labor - Employee Benefits Security Administration.
Included in the above link:
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What Are the Essentials of A Plan?
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Who is a Fiduciary?
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What is the Significance of Being A Fiduciary?
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How Do These Responsibilities Affect the Operation of The Plan?
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Are There Some Transactions That Are Prohibited? Is there A Way To Make These Permissible If The Actions Will Benefit The Plan?
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How Do Employees Get Information About the Plan? How are Employers Required to Report Plan Activities?
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Can A Fiduciary Terminate Its Fiduciary Duties?
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Tips For Employers With Retirement Plans?
THIRD-PARTY RESOURCES:
For Employers
For Employees:
Federal Government and Commonwealth of Virginia Resources:
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