Our employee benefit plans practice group consists of professionals who have spent their careers serving employee benefit plans and trust funds. As a result, they are able to offer valuable recommendations and share best practices with our clients.
The employee benefit plans we audit include multiemployer and single employer plans; both Defined Benefit and Defined Contribution Pension Plans (including 403(b) plans), Health and Welfare Benefit Plans, and other funds established through Labor and Management Collective Bargaining efforts, such as Legal Assistance Funds, Annuity Funds, Severance Funds, and Scholarship Funds. Although not technically a benefit fund, we also audit a number of Political Action Committees (PAC). In addition, we audit a number of governmental employee benefit plans.
The Department of Labor's Selecting an Auditor for your Employee Benefit Plan publication has been updated as of December 2018.
Legacy is a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. Membership in the Quality Center assures that the Firm keeps up to date on the best practices, guidelines, and tools CPAs need to perform quality benefit plan audits and better serve their clients. Legacy Partner Eileen Brassil served on the Quality Center's Executive Committee. The Executive Committee establishes the Quality Center's general policies and oversees its activities. Brassil currently serves on the AICPA Employee Benefit Plans Expert Panel, which brings together knowledgeable parties in the employee benefit plans industry to deliberate and come to agreement on key employee benefit plans issues.
As a member of the Quality Center, Legacy has a designated partner who is responsible for the benefit plan audit practice, establishing firm-wide training and quality control programs, performing annual internal inspection procedures, and making the Firm's peer review report findings publicly available. All of these measures ensure high standards for our benefit plan audit practice.
Legacy is also a member of the International Foundation of Employee Benefit Plans (IFEBP), where our partners serve on committees as well as speak at and attend educational conferences and workshops, including the IFEBP's most recent Annual Conference this past October.
We are also proud to serve as the auditor for the IFEBP.
Legacy's payroll compliance audit department plays a key role in our ability to serve our employee benefit plan clients. We recognize the importance of payroll compliance audits for multi-employer benefit funds, and as a result we have developed an extensive payroll compliance audit program. Learn more about our payroll compliance audit services.
For more information on our employee benefit plan practice, contact us.