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Client success story

Benefit Plan Audit

Overview
Prado & Renteria (P&R) was contacted by a potential client who desired to engage a firm to conduct benefit plan audits.  As part of our proposal, we offered a team consisting of a benefit plans audit content expert who was complimented by a team of experienced auditors. The content expert was involved in all the critical stages of the audit.   

The client accepted the recommendation and P&R was engaged to conduct two benefit plans audits.  These audits resulted in raising the level of transparency in the audited financial statements and the accompanying disclosures.  

Results
The client relationship has evolved into a partnership whereby P&R shares the common goal of protecting the employees and retirees’ benefits.  This is achieved by working alongside our client to identify potential reporting and disclosure issues and determining their resolution prior to the audit process.  The client now contracts P&R to conduct four benefit plan audits annually.

Today our client considers the annual audit a true measure of its financial reporting transparency and its benefit plan accounting personnel performance.

The P&R Difference:
Prado & Renteria serves as a partner that takes a multidimensional view to examine a plan and all its interwoven components. We never take for granted that the auditing standards have been applied accurately; therefore, we conduct a thorough review to ensure that the standards have not been misapplied, thereby creating a false sense of comfort and leaving the plan, unintentionally, exposed.   Our multidimensional view allows us to go beyond the standard auditors’ checklist to protect the future status of the plan.