Now that you know why selecting an auditor for your employee benefit plan is important and have solicited proposals, the next step is actually selecting an auditor. These next few topics will ensure you pick the auditor best suited for your plan’s needs.
Q: Should a plan auditor have experience in auditing employee benefit plans? How many plans does the firm audit?
A: An employee benefit plan audit requires the use of testing in areas that are specific to this industry, therefore the more experience and training an auditor has with these audits; the more familiar they will be with the technical standards required.
PBTK has been an auditor of employee benefit plans since 1992, and has recently worked with more than 40 employee benefit pension and profit sharing plans. Our auditors receive ongoing education and training related to plan accounting, auditing and reporting. We are continually learning and staying ahead of the latest developments in employee benefits and we strive to maintain continuity of staffing on each engagement. With PBTK, you can have the confidence of knowing that we take a personal interest in what our clients do and how they do it.
Q: Should I check licenses and/or request references?
A: Yes, federal law requires that an auditor of employee benefit plans is licensed as a certified public accountant by a State Board of Accountancy. As such, you may verify that the auditor has a valid and current license to provide auditing services. Likewise, prior to engaging an auditor you can discuss with them their work with other employee benefit plan clients. PBTK is registered with the Nevada State Board of Accountancy and as mentioned has been involved in the audits of over 40 employee benefit plans recently. See a list of representative PBTK clients here.