What does it mean for a firm to be a member of the AICPA’s Employee Benefit Plan Audit Quality Center?

The American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center’s (EBPAQC) mission is to promote the quality of employee benefit plan audits.  Here are a few examples of benefits that member firms receive:

  • Timely communication of regulatory developments
  • Audit tools, checklists and other resources
  • Online member-to-member discussion forums
  • Improved relationship with regulatory authorities (i.e. Department of Labor)

The EBPAQC also acts as a resource for employee benefit plan sponsors, administrators and participants.

So, why isn’t every firm a member of the EBPAQC?

To be eligible to be a member of the EBPAQC, firms are required to adhere to a specific list of guidelines that include:

Levin, Swedler & Company is an AICPA – Employee Benefit Plan Audit Quality Center Member

  • The designation of an audit partner to have firm-wide responsibility for the firm’s ERISA employee benefit plan audit practice.
  • The establishment of an employee training program that ensures all ERISA employee benefit plan audit engagement personnel possess current knowledge, appropriate to their level of involvement in the engagement, of applicable professional standards, rules and regulations for ERISA employee benefit plan audits.
  • The creation of policies and procedures specific to the firm’s ERISA employee benefit plan audit practice to comply with the applicable professional standards and Center membership requirements.
  • Making publicly available information about the firm’s most recently accepted peer review as determined by the Executive Committee (click here to search for copies of AICPA Peer Review Acceptance letters)

As a member firm, Levin, Swedler & Company is required to continually demonstrate a commitment to employee benefit plan audit quality.  With the increasing complexity of employee benefit plan auditing and increased scrutiny by the DOL, our firm and our clients benefit greatly from the EBPAQC membership.  By hiring a member firm, plan administrators satisfy their fiduciary duty to engage a qualified auditor who has demonstrated significant experience and expertise in this specialized practice area.  To learn more about specific services Levin, Swedler & Company provides related to employee benefit plans go to our website or contact Todd Kennedy, CPA.

“Levin, Swedler & Company has provided the most thorough and value added benefit plan audit I have experienced. Client time is respected from day one, and each year I am asked, “What can we do to provide you with better service?”. I value Levin, Swedler & Company’s capacity to provide education and guidance, as well as their adherence to professional standards and responsibilities.

If you’re looking for a rubber stamp, go somewhere else. Choose Levin, Swedler & Company if you value the audit process and are looking for a good value on a long term service provider. “

Tom Lucak, CFO, Plan Administrator                                                                                      Techni-Car, Inc. / Electrasound, Inc.

Written By: Matthew Migal

Levin, Swedler & Company - CPAs

Advertisements

About akroncpa

Levin Swedler Kennedy is an Akron, Ohio CPA Firm, offering business and not-for-profit consulting, financial statement preparation, tax preparation & planning, QuickBooks & Peachtree support, auditing, and business valuations since 1986.
This entry was posted in 401 (k) plan, Akron Accounting Firm, Akron Certified Public Accountants, Business, Department of Labor, Employee Benefit Plans, ERISA, Tax Compliance, Uncategorized and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s