April 30, 2017 – Covina, CA – HSRDS, who provide leading Covina, California, accountants, want to remind businesses everywhere that proper ERISA filings require detailed audits to be fully within compliance.
The Employee Retirement Income Security Act is one of the trickiest pieces of business regulation for companies to be fully compliant with. According to Department of Labor estimates, nearly 75% of businesses are not properly ERISA-compliant. However, in most cases, this is not due to any unlawful intent on a business owner’s part. ERISA is complicated, and it is very hard for a company to understand their auditing and filing obligations.
Businesses without proper ERISA audits demonstrating fiscal responsibility in their retirement plans – or who fail to file those audits at the proper time – risk substantial fines or even criminal litigation. It’s vital their ERISA documents are entirely in order.
However, a Covina, California, accountant can help ensure that happens.
To be fully compliant, an ERISA retirement program audit should be conducted by CPAs who participate in the American Institute of CPAs Employee Benefit Plan Audit Quality Center. This voluntary organization is committed to raising standards among auditors to increase the accuracy of audit-based filings. Participants in this program must:
- Have a partner specifically overseeing our auditing services
- Have internal quality control programs
- Perform annual procedural inspections, and
- Make our peer review findings publicly available.
There is no stricter standard in the US for auditing practices, and it is precisely this high standard which will help businesses ensure full ERISA compliance. HSRDS recommends any business regulated under ERISA look for accountants in Covina which adhere to these standards. Contact HSRDS today.
HSRDS formed through the merger of two well-respected California CPA agencies to create a single entity capable of providing a full range of financial services. Established as a ‘one stop shop,’ HSRDS can partner with businesses both large and small for full financial consultation, tax preparation, audits, forensics, and more.
For more information or press inquiries, contact (626) 932-0100 or visit http://www.hsrdscpas.com/.