Pension Funds
RFS Provides a Unique Solution for Your Pension Fund Audit
Rose Financial Services understands the importance of independence when it comes to auditing pension funds. Our accounting outsourcing solution augments internal staff with the financial expertise required by SAS 112.
View the article, “ERISA Audit Deficiencies Raise Concerns.”
-Taken from the Maryland Association of Certified Public Accountants Quarterly Edition of StatementSee the below chart for answers to your questions. Need additional information? Contact us!
Issue
My auditor says there are significant adjustments to the General Ledger at year end because my pension administrator keeps the books on a cash basis.
We would like to establish internal controls for our plan.
Once the audit is done, I’d like to go back to business as usual.
What if we’re under a time crunch?
Our general ledger is kept up to date. What more does the
auditor want?
RFS Solution
RFS will close the books and make the required journal entries in accordance with U.S. GAAP.
RFS can develop accounting policies and procedures that can be utilized by internal accounting staff or plan administrators.
RFS is available as much or as little as you need us to be. However, changes that need to be implemented for control purposes can continue to be managed by RFS.
RFS professionals are able to adjust to your needs and your schedule, generally beginning within 10 days of your signing on with RFS
A system of internal control does not stop at the general ledger; rather it includes controls over the preparation of the financial statements.
Benefit
The auditor can remain independent and not become a compensating control for the client. This will allow the auditor to issue a report with no material weaknesses.
Having a report from your auditors that indicates that there are no material weaknesses will help your plan participants feel like their retirement assets are safe. Your fiduciaries will know that they are acting diligently and prudently.
You have the flexibility required to keep the organization moving forward without bringing on additional accounting personnel.
Audit related issues can be identified and corrected in a minimal amount of time, thereby holding down costs.
You should pass your audit without
material weaknesses identified if RFS assists with financial statement preparation on a routine basis.
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