WatsonRice®
Certified Public Accountants and Advisors
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EMPLOYEE BENEFIT PLANS

Watson Rice, LLP has extensive experience providing audit and tax services for retirement plans and health and welfare plans.

Audits are often found to be deficient because of the failure of the auditor to conduct tests in areas that are unique to employee benefit plans. An audit of an employee benefit plan is much more than an examination of the plan's investments, or a check to see that the "numbers" are correct. Watson Rice LLP considers all areas, including :


Review of payroll records to see that eligibility and hours of service are being properly determined
Review of participants' documents for completeness
Review of timeliness of deposits of employee contributions to the plan
Review of plan loans and hardship withdrawals
Determination as to whether plan contributions comply with the plan document provisions, and that they are made in a timely fashion
Review of the method used to allocate defined contribution plan contributions to participants
Analysis of the funding status of the plan, if applicable
Review of the status of benefit payments, and the methods of computation and payment, including verification of tax withholding and IRS reporting
Review of Form 5500 and other required governmental forms, as applicable
Identification of prohibited transactions, and their resolution