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CPA for large firm search

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new plan in need of a cpa to prepare financial statements for past couple years as plan was not aware of this.

seems that no local firms have capacity to take what I think is a pretty good revenue raising opportunity.

curious if there are more national firms that might be a better fit?

they understand they will not be filing 5500 for this last year on time.

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Location (at least approximate)?

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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The AICPA has an Employee Benefit Plan Audit Quality Center of CPA firms that in their words "serves as a comprehensive resource provider for member firms to support you in the performance of your Employee Benefit Plan Audit practice."

CPA firms that qualify for membership are peer reviewed and have demonstrated expertise in auditing retirement plans.  While many national firms are on the list, you will find many more regional and local firms that have a specialty practice focusing on plan audits with expertise that rivals that of the national firms.

Attached is a list of EBPAQC member firms as of August 23, 2023.  The list includes the city and state of each firm, the name of a contact, and for many a link to the firms website.  The list also is available sorted by state.

Good luck!

EBPAQC-Firm-Members-By-State.pdf EBPAQC-Firm-Members.pdf

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A small firm might have the needed and desired capabilities and sufficient licensing.

Local or not doesn’t matter for doing the audit’s work, which ordinarily uses electronic records, electronic communications, and electronic file-sharing.

It might matter for licensing. Under many States’ public-accountancy statutes, the act of expressing an opinion on another person’s financial statements and delivering that report is the act that calls for a public-accountancy license.

But in searching otherwise suitable firms, you need not limit a selection to firms with an office in the same State as the retirement plan’s administrator. Why?

Some CPAs might maintain plenary licenses with two or more States. For example, a firm in Delaware might have a partner or principal who also maintains a license with another State, perhaps because she took the exams after completing her five school years there and applied while living in that State or applied in the State of her domicile.

Further, some States’ laws allow some limited recognition of another State’s licensee. But reciprocity for audit or assurance services might be more limited than for other services.

If a plan’s administrator acts as a fiduciary in selecting an independent qualified public accountant, the administrator’s duties of loyalty and prudence might suggest looking to a firm’s capabilities, perhaps especially if the circumstances already involve a known breach that suggests a control weakness.

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania



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