Fraud: The Other Employee Benefit

Impact of Fraud

• Fraud: Multi-trillion dollar business

• 5% of annual revenue to fraud

• 18 months to detect asset misappropriation

• 24 month to detect financial statement fraud

Fraud by Industry

• Banking 16.6% $175,000

• Manufacturing 10.7% $300,000

• Government 9.8% $81,000

• Retail 6.6% $85,000

• Healthcare 5.9% $150,000

• Insurance 5.1% $197,000

• Education 5.0% $71,000

• Services 4.9% $109,000

• Construction 4.3% $200,000

• Technology 3.6% $250,000

• Transportation 3.4% $300,000

EMPLOYEE BENEFIT PLAN AUDITS

Whether it's reviewing your plan strategy and structure, steering you away from penalties, or preparing your filings, rely on an advisor with deep expertise.

WHEN EXPERIENCE MATTERS

Moss Adams audits over 1,500 employee benefit plans each year, ranging in size from 100 to 100,000 participants with $100,000 to $5 billion in assets. This number includes close to 80 403(b) plans for tax-exempt entities. Types of plans we audit include:

·        Defined contribution

·        Defined benefit

·        Employee stock ownership

·        Health and welfare

·        403(b)

AICPA EMPLOYEE BENEFIT PLAN AUDIT QUALITY CENTER MEMBER

Moss Adams has been a member of the AICPA's Employee Benefit Plan Audit Quality Center (AQC) since its inception. The AQC was established to help CPAs meet the challenges of performing quality audits in this unique and complex area. The AQC provides members communication of regulatory developments, best practices guidance, and technical updates. Bertha Minnihan, Employee Benefit Plan Services leader, currently serves on the AICPA Employee Benefit Plan Expert Panel and has served on the Employee Benefit Plan Audit Quality Center’s Executive Committee.

TEAM

We have  employee benefit plan specialists in all of our offices nationwide. You get an efficient, well-trained audit team when you work with us. We receive specialized training to stay current on ERISA, DOL, and IRS rules and regulations, so you get a more efficient audit. Our proactive approach helps eliminate ERISA violations and results in timely filings without surprises.

SOLUTIONS

Our clients receive solid, innovative solutions based on their particular set of facts and circumstances. We work with a variety of plan administrators, actuaries, attorneys, and investment consultants to incorporate our industry knowledge and experience into meeting our clients’ needs.

Some of the solutions we provide include:

·        Review of plan documents and operating procedures

·        Review of overall plan strategy and cost structure

·        Assistance with determining the best plan to sponsor

·        Facilitating requests for proposal (RFP) processes

·        Assessment and recommendations for benefit service providers

·        Facilitating the preparation of Form 5500 filings and attachments

·        Resolution of complex compliance issues discovered during the audit

·        Assistance with prohibited transaction issues

·        Assistance with IRS and DOL audits

We can provide these services to the extent permitted by professional standards while complying with government regulations.