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Written independence confirmation specific to ERISA requirements; review of prior year Form 5500 and auditor's report; engagement letter covering ERISA and SAS 136 scope
Documented audit strategy covering scope election (full vs limited), materiality, risk areas, testing approach, Form 5500 reconciliation plan, and timing
Video call with your HR team, TPA (Third Party Administrator), and/or recordkeeper to align on timeline, document requirements, and year-end data availability
Evaluating eligibility, contribution, vesting, distribution, and loan transaction cycles for inherent error risk; documenting plan-specific risk factors
Computing materiality based on net assets available for benefits; documenting performance materiality and clearly trivial threshold
Reviewing the SOC 1 (SSAE 18) report from your plan's recordkeeper (Fidelity, Vanguard, Empower, Schwab, etc.) and evaluating complementary user entity controls
Reading the plan document, summary plan description, trust agreement, and any amendments to understand plan provisions and compare to actual operation
Testing that employees entered the plan exactly when the plan document required - based on service hours, age, and entry dates; comparing HR records to plan enrollment
Verifying that payroll deductions match participant deferral elections on file; testing timely deposit of deferrals (DOL 7-business-day rule for small plans)
Verifying that employer match was calculated correctly per the plan document formula; testing true-up calculations if applicable
Testing that participants' vested percentages are correctly calculated based on years of service; verifying forfeiture calculations
Verifying that distributions to terminated employees, hardship withdrawals, and required minimum distributions (RMDs) complied with plan terms and IRS rules
Testing that incoming rollovers from prior employer plans or IRAs were accepted correctly and processed accurately
Verifying that participant loans comply with IRS limits (50% of vested balance, max $50,000), were properly documented, and are being repaid on schedule
For full-scope audits: independently confirming investment values at year-end; testing fair value measurements; reconciling to statements from custodian
Reviewing the Actual Deferral Percentage / Actual Contribution Percentage test results to confirm the plan is not discriminatory
Reconciling audited net assets to the amounts reported on Form 5500 Schedule H - a required SAS 136 procedure
Direct confirmation of plan assets to statements from the trustee, custodian, or insurance company holding plan funds
Your formal EBP audit opinion in the format required by SAS 136 - specifically referencing Form 5500 Schedule H and ERISA requirements
Documented reconciliation of audited financial statements to Form 5500 Schedule H line items - required by SAS 136 and DOL
Statement of Net Assets Available for Benefits + Statement of Changes in Net Assets - prepared per AICPA audit and accounting guide for EBPs
Schedule of Assets Held for Investment (Schedule i) and Schedule of Reportable Transactions - required by ERISA and DOL for large plans
Complete review of all footnote disclosures required by the AICPA audit and accounting guide for employee benefit plans
Written communication of any significant deficiencies or material weaknesses identified in plan administration procedures
Formal written confirmation that the SAS 136 audit is complete and the opinion is ready for attachment to Form 5500
CPA firm of record is enrolled in AICPA Peer Review Program (active satisfactory rating); all engagements run under SQCS No. 8 QC system; audit file available for peer reviewer inspection
Independent second-partner review of all workpapers and opinion before issuance, required under AICPA QC standards for higher-risk engagements
Signed management representation letter covering completeness of plan records, disclosure of known non-compliance events, and accuracy of information provided
A named EBP audit professional who has specific experience in benefit plan audits - not rotated from financial statement audit team mid-engagement
Engagement Lead who reviews all workpapers and issues the SAS 136 opinion - with specific ERISA/benefit plan audit experience
We communicate directly with your Third Party Administrator (TPA) and recordkeeper for data requests - reducing burden on your HR team
We coordinate directly with whoever prepares your Form 5500 to ensure the audit is completed and attached before the filing deadline
Direct email and Zoom, teams access to your audit senior throughout - no ticketing system, no call center
A comprehensive, customized document request list specific to your business - sent at engagement start so you know exactly what to prepare
Encrypted portal for all document exchange - no email attachments, no unsecured file shares
Proactive weekly email updates on audit progress, outstanding items, and estimated completion
A video call to walk management through all audit findings and proposed adjustments before the final report is issued
Reach your named audit senior at any time during the engagement - no support tickets, no call center queues. Ask questions, request clarifications, or discuss accounting issues via email, scheduled call, or video meeting with no extra charge.
Regular structured calls scheduled at your convenience throughout the engagement - weekly, bi-weekly, or as needed - to review open items, address questions, and keep the audit moving on timeline.
A dedicated engagement email address monitored by your audit team - submit questions, send documents, or flag issues anytime. All emails acknowledged within one business day.
All audit fieldwork runs on SurePro, our proprietary platform - purpose-built for audit engagements. Covers engagement setup, workpaper management, population uploads and sampling, substantive testing templates, exception tracking, and final quality control sign-off. No third-party audit software is needed from the client side.
Client invoicing, payment tracking, and billing workflows are fully managed through Assure Suite - from engagement initiation through final invoice. Automated billing milestones, payment reminders, and invoice generation are all handled on our end with no manual back-and-forth required from the client.
Internal workflow routing, task assignment, deadline tracking, and staff scheduling are all managed within Assure Suite. Every engagement milestone - from PBC receipt to final sign-off - is tracked in real time, ensuring nothing falls through the cracks and turnaround commitments are met.
Engagement proposals, pricing presentations, and signed engagement letters are generated and delivered through Assure Suite. Clients receive a professional, fully documented engagement package from day one - including scope, timeline, fees, and terms - with e-signature capability built in.
All client-facing communication, document uploads, status updates, and deliverable sharing happen through Assure Suite's secure client portal. SOC-compliant encrypted file exchange, real-time engagement status visibility, and a single login for everything - eliminating email attachments and unsecured file transfers entirely.
1. Employee Benefit Plan (EBP) audits are performed in accordance with SAS 136 – Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.
2. Audit services are performed under the supervision of a licensed CPA; issuance of an audit opinion is subject to completion of audit procedures and findings.
3. For plans electing an ERISA §103(a)(3)(C) audit, management is responsible for obtaining a certification from a qualified institution (e.g., bank, insurance company) as defined under ERISA.
4. These services do not include legal advice, ERISA compliance consulting, or actuarial services. Clients should consult appropriate professionals for such matters.
5. Preparation and filing of Form 5500 are not included in the scope of services. Management is responsible for the preparation, accuracy, and timely filing of Form 5500; our audit report is intended solely for attachment to the filing where applicable.
6. The U.S. Department of Labor (DOL) requires the audit report to be attached to Form 5500, which is due 7 months after the plan year-end (with an extension available up to 9½ months via Form 5558). Failure to meet filing deadlines may result in penalties. We recommend initiating the audit process at least 90 days prior to the filing deadline.
Formal engagement letter, independence confirmation, predecessor auditor communication (if applicable), AICPA ethics compliance check
Documented strategy memo covering scope, materiality threshold, risk areas, planned procedures, team assignment, and timeline
Live video call with your CFO/controller to align on scope, PBC list expectations, key risk areas, and audit timeline
Identifying where material misstatements are most likely to occur; assessing the strength of your internal controls over financial reporting
Computing overall materiality, performance materiality, and clearly trivial threshold - documented in the audit file per AICPA standards
Brainstorming sessions, management inquiries, and analytical procedures specifically focused on fraud risk identification and response
Documentation of your business model, industry, competitive environment, key contracts, and accounting policies per AU-C 315
Tracing a single transaction through each major cycle (revenue, purchasing, payroll, cash) to understand and document key controls
Direct confirmation to every bank and financial institution confirming cash balances as of year-end; all accounts included regardless of count
Direct confirmation to significant AR balances; analysis of aging schedule; evaluation of allowance for doubtful accounts
Testing that revenue is recognized in the correct period, completely, and accurately per ASC 606 (or applicable standard)
Testing significant expense accounts for completeness, accuracy, and proper period cut-off
Search for unrecorded liabilities; AP confirmation procedures; accrual cut-off testing
Direct confirmation to all lenders; reconciliation of interest expense; review of loan covenants for violations
Testing additions, disposals, and depreciation expense; reconciliation of fixed asset register to general ledger
Testing payroll expense to supporting payroll registers; confirming officer compensation is properly authorized and disclosed
Identifying, reviewing, and disclosing all related party transactions per AU-C 550
Confirming changes in equity during the year; distributions, contributions, stock issuances, and retained earnings reconciliation
Testing right-of-use assets and lease liabilities for completeness, accuracy, and proper classification under ASC 842
Testing deferred tax balances; evaluating valuation allowances; reconciling book-to-tax differences per ASC 740
Cycle-count observation or perpetual inventory testing; cost layer testing (FIFO/LIFO/WAC); lower-of-cost-or-NRV analysis
Testing multi-element arrangements, subscription models, milestone-based contracts, and variable consideration under ASC 606
Testing elimination entries, intercompany transactions, non-controlling interests, and minority interest calculations
Fair value measurement testing; Level 1/2/3 hierarchy documentation; unrealized gain/loss verification
Obtaining written representations from management confirming completeness of information provided and their responsibility for the financial statements
Evaluating whether the entity can continue as a going concern for 12 months beyond the financial statement date; required disclosure if doubt exists
Review of events between year-end and audit report date that may require adjustment or disclosure in the financial statements
Testing and reconciling prior year financial statements presented for comparison purposes
Your formal audit opinion signed by the licensed CPA of record - the deliverable lenders, investors, and regulators require
Written communication of all significant deficiencies, material weaknesses, and control recommendations identified during the audit - separate from the audit opinion
A clear, plain-English summary of audit findings, any adjustments proposed, and any areas requiring management attention
A schedule of all audit adjustments identified during testing, with explanations and the corrected account balances
The complete, indexed, organized audit workpaper file - available for inspection by regulators, peer reviewers, or successor auditors
Filed copy of the signed management representation letter - retained in audit file as required by AICPA standards
A licensed CPA engagement partner reviews all workpapers and issues the final audit opinion - independent of the preparation team
Direct email and Zoom access to your audit senior throughout - no ticketing system, no call center
A comprehensive, customized document request list specific to your business - sent at engagement start so you know exactly what to prepare
Encrypted portal for all document exchange - no email attachments, no unsecured file shares
Proactive weekly email updates on audit progress, outstanding items, and estimated completion
A video call to walk management through all audit findings and proposed adjustments before the final report is issued
Ask anything during the audit engagement - no additional charge for questions, clarifications, or consultations
First-year EBP audit engagements require additional procedures including opening balance verification and evaluation of prior year records.
(1) Audit opinion issued by a licensed CPA of record under AICPA GAAS standards. We are not independently a CPA firm - audits are conducted in partnership with a licensed CPA firm of record.
(2) Flat fee applies when client provides a complete, reconciled PBC list by agreed date. Delays by client or additional scope not included above billed at $125/hr.
(3) Turnaround time is measured in working days from receipt of COMPLETE PBC list, not from engagement start.
(4) This is a financial statement audit - not a tax return, not a review, not a compilation. It results in an Auditor's Report issued under GAAS.
Call us at 713-344-1636, and our experts will guide you based on your goals and needs.
We work alongside your firm to deliver compliant, thorough EBP audits - from the smallest plan to the most complex. No handoffs. No confusion. Just clean, partner-ready work with a dedicated point of contact on every engagement.
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