When it comes to your employee benefit plan audit, you want a competent auditor but you also need quality and dependability. One of the most common reasons an auditor’s report is found deficient is because the auditor failed to perform tests that are unique to this type of audit. Be cautious that your current auditor isn’t viewing the audit as a means of fulfilling reporting requirements instead of seeing it for what it should be: a means to protect your fiduciary responsibility.

Gettry Marcus is a member of the Employee Benefit Plan Audit Quality Center (“EBPAQC”) of the American Institute of Certified Public Accountants. Membership in EBPAQC is only available to those firms that meet rigid requirements specific to employee benefit plan audits.

Services Offered

  • Audits of:
    • Defined benefit pension plans
    • Defined contribution plans
    • Health & welfare plans
    • Voluntary Employees Beneficiary Association (“VEBA”) plans
  • Preparation of IRS Form 5500 and Summary Annual Reports
  • Consulting regarding DOL issues

Our Team Can Handle Employee Benefit Plans Of All Sizes.

We Currently Service Plans:

  • Ranging from $500,000 to $350 million in plan assets
  • With up to 10,000 participants
Industry Affiliations

Employee Benefit Plan Case Studies

DOL Targets Union Benefit Plan

Assignment :

Gettry Marcus was engaged to perform a re-audit of a multi-employer union health and Welfare Benefit Plan, with over 2,500 members, under circumstances that carried a high level of exposure to the Plan for significant penalties and enforcement action. The Plan’s financial statements, which were attached to the form 5500 that had been filed with the DOL, had been audited by another independent qualified public accountant. The DOL selected the Plan’s audit for examination. After examining the financial statements and work papers of the prior accountant, the DOL rejected the filing, stating that there were numerous significant deficiencies in the financial statements and that the audit of the financial statements was not performed in accordance with Generally accepted accounting standards (GAAS) as required under the employee retirement security act of 1974 (ERISA).

Gettry Marcus was required to, in a very compressed period of time, establish a complete understanding of the Plan and it’s accounting and financial reporting structure, perform a complete re-audit of the financial statements of the Plan, correct all deficiencies in the financial statements noted by the DOL and submit a complete set of work papers to the DOL that not only support the opinion on the financial statements, but that could stand up under intense scrutiny. This entailed Gettry Marcus committing the necessary experienced personnel to make certain that the outcome would be a positive one for the client.

Result :
As a result of working closely with the management of the Plan and maintaining an open line of communication with the DOL on the client’s behalf, an amended form 5500, along with the financial statements audited by Gettry Marcus, were filed within the time frame allowed by the DOL. a complete set of work papers was submitted and was subjected to the DOL’s review process. The DOL indicated that there were no deficiencies noted as a result of its in depth review of the amended form 5500, financial statements and the audit procedures and documentation thereon performed by Gettry Marcus. The DOL therefore accepted the filing as submitted and issued a notice of satisfactory Filing and immediately discontinued any action against the Plan, saving it from onerous penalties.

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