Employee Benefit Plan Audits

Each year Samet & Company publishes a Plan Sponsor’s Guide to 401(k) and 403(b) Plans which provides statistics, best practices, guidelines and  a compliance calendar to help you make informed decisions about the administration  of your employee benefit plan.  Download your complimentary copy.

Federal law requires that employee benefit plans – such as 401(k) plans, 403(b) plans, profit sharing plans, defined benefit plans, etc. – with 100 or more eligible participants must be audited each year. Samet has a team of professionals that specialize in employee benefit plan audits. We audit approximately 100 plans annually, ranking us as one of the leading accounting firms in the nation for plans audited. Because Samet is one of the premier employee benefit plan audit firms in the region, we can draw on our experience and knowledge working with the U.S. Department of Labor (DOL) should the need arise.

The U.S. DOL continues to intensify its review and scrutiny of plans and their respective audits, and advises the following:

“One of the most common reasons for deficient accountants’ reports is the failure of the auditor to perform tests in areas unique to employee benefit plan audits. The more training and experience that an auditor has with employee benefit plan audits, the more familiar the auditor will be with benefit plan practices and operations, as well as the special auditing standards and rules that apply to such plans.”

The increasing complexity of accounting and reporting requirements makes it important to select an experienced and trustworthy certified public accounting firm to handle your audit. At Samet, our experienced team has over 20 years of experience in providing quality audits. Our expertise in this area is unparalleled: we have audited employee benefit plans with 100 participants to greater than 100,000 participants and plans with investments of less than $1 million to more than $2 billion. Our specialists train continuously to stay current with complex and evolving employee benefit plan audit issues.

To demonstrate our commitment to quality employee benefit plan audits, we are members of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center. This means that we subject ourselves to additional scrutiny to ensure that we maintain the highest level of quality service. Our clients have the peace of mind knowing that they have limited the risk of significant penalties or even disqualification of the plan. At Samet, our approach to serving clients is based on building an ongoing relationship of trust and confidence.

Samet provides the following services:

  • defined benefit plan audit
  • 401(k) plan audit
  • 403(b) plan audit

Meet the Experts:Jay Kessler | CPA

Jay Kessler

Download Samet’s Study of Employee Benefit Plans: statistics, best practices, guidelines and  a compliance calendar

2016 Plan Sponsor's Guide to 401(k) and 403(b) Plans
2014 Plan Sponsor's Guide to 401(k) and 403(b) Plans
2013 Employee Benefit Plan Study
2012 Employee Benefit Plan Study

"Samet has been auditing our employee benefit plans since 2005. They have provided us with an outstanding level of expertise, personal service, and integrity which makes them the perfect firm for us."

John Dudek, Former General Counsel, Steinway Musical Instruments, Inc.

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