1. How much does an audit cost?
The cost range for retirement plan audit is wide and can vary largely between auditors. Our quoted audit fees are specific to your plan, its size, and design so that you don’t pay blanket market rates. We utilize our years of experience to provide an accurate quote that reflects exactly how much work it will take to complete.
2. It's my first audit, what can I expect?
There’s nothing to be nervous about! Believe it or not, we have been known to make an audit an enjoyable experience. Our audit process is collaborative, educational, and painless. We are responsive and with you every step of the way to walk you through the audit process so that you are not feeling alone or in the dark.
In our audit, we perform a series of tests on your plan to check that it is operating in accordance with the plan documents that define how it should be operated. We are also testing for certain regulatory rules and regulations and keeping an eye out for any additional items we may be able to recommend that could improve the plan’s health and benefit its participants.
3. HOw long does AN AUDIT TAKE TO COMPLETE?
An audit can take as little as 2 weeks or as long as a year. The time it takes to complete an audit is entirely dependent on collaboration from your team, your service providers, and current workload. We understand that your typical day-to-day tasks already keep you busy and so we strive to ensure the audit process is efficient and on track to meet timing deadlines. We are also considerate of your ‘busy seasons’ and can shift around our schedule to accommodate better timing on your part.
4. Can the audit be performed remotely?
Yes, it can! Last year, we performed 100% of our audits remotely. We utilize the tools of technology to provide secure ways of providing reports that contain sensitive information and video conferencing. If you prefer for us to be on site to perform the audit, we have no problem doing so and can make plans to arrange for that as well.
5. Do you use offshore staffing to perform the audit?
No, we do not and nor do we plan to in the future. We take data security seriously and view sending client information overseas as an additional risk we are not willing to take. We also believe that this ensures the quality of your audit is top notch and performed by CPA’s licensed in the United States of America and are familiar with financial reporting and auditing standards that apply.
6. SMA is located in Texas, can you perform our audit if we are located in a different state?
Yes, though each state has its own board of accountancy that dictates the rules on whether they will grant SMA practice privilege reciprocity or if additional registration procedures are required. The good news is that most state boards allow for SMA to do business in their state automatically and SMA is already registered in many states that do require it. If we aren’t already registered in your state, the process usually takes less than 2 weeks to complete, and we’ll be good to go!
7. What makes SMA different from other auditors?
Retirement plan auditing is all we do. We don’t offer other services or have overlapping busy seasons that could pull attention away from your audit. Our service is unmatched because you are our priority and at an extremely competitive fee. In addition to that, we are widely versed and involved in the retirement plan industry. We issue an annual newsletter to our clients that summarizes helpful information to check for in your plan, stay up to date with regulatory changes, and assist with fiduciary monitoring responsibilities.