Employee Benefit Plans

CTBK is one of the leading CPA firms in Western New York, and has a depth of experiences in the field of auditing employee benefit plan financial statements. Our Employee Benefit Plan Audit team is comprised of a dedicated group of specialized professionals trained and experienced in a variety of benefit plans. We audit over 50 plans providing both limited and full-scope audit services across a wide range of plan types including the following:

  • Defined Benefit Pension Plans
  • Health and Welfare Plans
  • Employee Stock Ownership Plans (ESOP)
  • Defined Contribution Plans
    • Profit Sharing Plans
    • 401(k) Plans

We have earned a leading reputation in the Western New York community by advising clients regarding compliance concerns, operational efficiencies and fiduciary responsibility. Additionally, to ensure the highest level of service quality, CTBK is a member of the AICPA’s Employee Benefit Plan Audit Quality Center.  We also provide related Form 550 tax preparation services.

What Makes Us Different
Because of our location in Western New York, our billing rates are low when compared to the national market, allowing us to provide quality services at a low cost to clients in larger markets or to clients who use national or regional firms. Below are some key statistics from the employee benefit plan audits we perform:

  • Range of Active Participants: 96 – 3,576
  • Range of Total Plan Assets: $10.2 million – $307.5 million
  • Average of CTBK Audit Fees (per Plan) $7,800 **

** Note that fees vary based on scope of services (limited scope vs. full scope audit), type of plan, number of active participants and total plan assets.

Additionally, many firms consider audits of Employee Benefit Plans as compliance audits only, and do not look to provide additional value-added services to the Plan Sponsor. We take a different approach. We provide a benchmarking analysis, which can be tailored to each plan’s specific demographics, to assist Plan Trustees in analyzing their plan’s performance and fulfilling their fiduciary responsibilities. This analysis is provided to our clients at the conclusion of the audit for no additional charge. Some key statistics from our benchmarking database include the following:

  • Return on Assets
  • Number of Total Participants
  • Number of Total Participants with Account Balances
  • Employee Participation %
  • Investment Mix %
  • Plan Expenses
  • Number of Plans
  • Average Audit Fees

We understand that team continuity is very important to our clients, and it’s just as important to us.  We have experienced what we believe to be below average turnover in our staff and commit that the engagement team assigned will continue to remain on the engagement over the term of our relationship, provided they are still employed by our firm.  Our office has maintained an annual average of 9 percent turnover rate in the last three years, the national average for similar firms is 13 percent.

For more information on how we can be of service to you, please contact Gene Kershner, Scott Sutherland, or Nick Morreale at 716-630-2400.