What Boyer & Ritter can offer Small Plans that do not require an audit
Small Plan Operational Review
By Dan Ryan
Although the number of participants for many Plans has fallen below the audit threshold, Boyer & Ritter can still provide services to these small plans in the form of a Small Plan Operational Review.
If your company has a retirement plan that is not required to be audited but you would like reassurance that your plan is in compliance with IRS & DOL requirements, this may make sense for you.
During an operational review, we perform many of the same procedures that we perform during an audit and will target areas of recent focus by both the IRS and DOL where common deficiencies are often identified. Some of these services include, but are not limited to, the following:
- Evaluating the quality of the Plan’s internal controls to provide reasonable assurance that the operations of the Plan comply with the Internal Revenue Code (IRC) and Employee Retirement Income Security Act (ERISA)
- Review of your Plan document to determine if it has been updated to reflect recent law changes
- Testing, performed on a sample basis, to determine if all eligible participants have been granted the opportunity to participate in the Plan
- Testing, performed on a sample basis, to determine if contributions are being remitted timely to the plan, into the correct accounts and for the amounts chosen by the participant.
- Review of Plan Fees
- Recommendations will be provided on any operation issues noted and any necessary corrections found during the sample testing.
At the end of the review, you will receive an operational review report that details the procedures that were performed, any observations we have made, and recommendations we have based on our observations.
Dan Ryan is a manager at Boyer & Ritter LLC and a key member of the firm’s employee benefit plan group. He provides audit and accounting services for the construction industry and other closely held businesses. Contact Dan at 717-761-7210 or dryan@cpabr.com.
