401(k), 403(b) and Retirement Plan Audits

Federal law requires employee benefit plans with 100 or more participants to an audit performed by an independent qualified auditor as part of their obligation to file an annual return/report. As members of the AICPA Employee Benefit Plan Audit Quality Center, acxell stands ready to provide a qualitative audit process that will ensure your institution’s benefit plan is always in compliance with the reporting requirements from the U.S. Department of Labor.

acxell understands that quality audits are intended to provide assurance regarding the assets and financial integrity of your institution’s employee benefit plan, and that processes and controls are designed to ensure that necessary funds are provided to pay retirement, health and other promised benefits. We strive to provide a service that not only cements the foundation of a secure benefit plan, but assists in carrying out your financial and reporting responsibility to file a complete and accurate annual return/report.

Inexperienced auditors are traditionally one of the causes of deficient reports, stemming from the failure to perform proper tests or understand the subject matter at hand. acxell employs “subject matter experts” – individuals that are knowledgeable and experienced in the audits they handle. We will ensure that the audit team which assists your institution will provide a personalized service that will carry your plan’s review to its successful conclusion.

acxell’s audits ensure that:

• Plan obligations are properly stated and described
• Benefit payments are being made in accordance with plan terms
• Plan assets covered by the audit have been fairly valued
• Contributions to the plan are timely received and recorded
• Issues are identified that could affect the plan’s tax status
• Transactions prohibited under the Employee Retirement Income Security Act (“ERISA”) are properly identified, and more.