401(K) Audits

• Federal law requires employee benefit plans with 100 or more participants as defined by ERISA to have audited financial statements attached to their Form 5500 filings.
• Smaller plans may also need to have an audit if they do not meet certain conditions.
• A Porter CPA has extensive experience in performing 401k and other benefit related plan audits.
• The practices and procedures used assures that all plan net assets are appropriately recognized and reflected in the plan’s financial statements.
• Services are provided in a timely efficient manner in accordance with U.S. Generally Accepted Auditing Standards.
• The fee structure that is significantly less that hiring a large CPA firm.
• You get the expertise of a large firm with the cost and attention of a smaller firm. Located in Broward County Florida but we provide affordable 401k / employee benefit audits nationwide.

• Our expertise includes
  • years of practical experience auditing employee benefit plans within large companies including Fortune 500 companies.
• Member of the American Institute of Certified Public Accountant Employee Benefit Plan Audit Quality Center, and adheres to its rigorous standards.
• Membership within this inner circle center will ensure that we keep abreast of the current audit requirements for employee benefit plans.
• Each member is required to have one of its pension audits subjects to “Peer Review” every 3 years by an independent CPA firm who has been authorized to perform such a review.
• The AICPA helps ensure that CPAs are applying required professional auditing standards.

You get the expertise of a large firm with the cost and attention of a smaller firm focused on your needs.

Located in Pembroke Pines, Florida but we are licensed to perform these services nationwide.

403(B) Audits

Beginning with the 2009 Form 5500 filings, employee benefit plans under section 403(b) of the Internal Revenue Code that are sponsored by charitable organizations and covered under the Employee Retirement Income Security Act of 1974 (ERISA) will be subjected to the same reporting and audit requirements that currently exist for 401(k) plans.

These audited financial statements will be a required attachment to the plan’s Form 5500.

This requirement is applicable to

• Commercial or not-for-profit organizations and not governmental or church organizations (which are not generally subject to ERISA.403(b)) with more than 100 eligible participants as of the beginning of the year will be subject to this new requirement.

Health and Welfare Plan Audits

• We have CPA’s specialized in performing Health and Welfare Plan audits.
• Welfare benefits such as medical, short term disability, long term disability and other types of welfare benefit plans only require an audit if funded.
• Health and Welfare Plans are subject to ERISA compliance, reporting and disclosure requirements.

• A Porter CPA has developed a seamless audit process that integrates understanding of the client’s business and client’s expectations.
• An audit provides the highest level of assurance on the financial statements.
• Our work includes a review of
  • internal controls,
  • testing of selected transactions
  • communication with third parties such as customers, vendors, banks, etc.
• this is often required by lenders, investors and government agencies.
• We perform audits on various industries such as Private Companies, Non-profit companies and Governmental Entities.

• A review is less in scope than an audit.
• Our work consists of discussions with management and analytical procedures applied to financial data.
• The accountants’ report provides limited assurance.

• Compilations is less in scope than a review and an audit.
• Our work consists of preparing statements from information provided by the company.
• The accountants report states that we have not performed an audit or review and that no assurance is being provided.

• Attestation engagements are engagements with a client where we investigate and report on a subject matter.
• Attestation engagements performed by us includes:
  
  • Agreed-upon procedures engagements
  • SSAE 16 reports on internal controls placed in operation for third-party service organizations
  • Reporting on an entity’s internal control over financial reporting
  • Reporting on financial forecasts and projections
  • Compliance attestation

• A Porter CPA has CPAs with extensive experience in International Financial Reporting Standards (IFRS)
• We will assist in implementing these standards and training

• A Porter CPA offers a cost-effective approach to the delivery of SOC product
• Experienced staff that will deliver timely
• Hands on approach by engagement Partners and managers

• A Porter CPA provides a complete service with respect to Mergers and Acquisitions
• We assist in overall evaluation of the Mergers and Acquisitions
• We will assist and take hands off approach to structure of the deal
• We provide sale and purchase agreement advice
• We will assist in the preparation and audit of completion accounts
• We provide due diligence services
• Post-Closing Assistance, ranging from Audits, Review, Compilations and Tax services