All employee benefit plans with more than 100 participants must submit a financial statement and audit report along with the annual Form 5500—or face penalties that easily run $100,000 or more for each plan. Compiling the information needed is highly technical, specialized, and extremely time consuming.

Hewitt's Financial Statement Preparation team can perform the majority of the preparation and audit work for you. Not only does this save a huge amount of time and effort for your staff and auditors, but our services help you file complete and accurate financial statements on time, every time, significantly reducing your risk of penalties.

Our best practices solution:

• Follows a proven process for managing financial statement preparation from start to finish
• Serves as auditor contact as issues arise, relieving your HR staff from these time-consuming and technical questions
• Applies up-to-date knowledge on current required reporting changes
• Charges lower fees than a typical CPA firm

Members of Hewitt's Financial Statement Preparation team specialize in benefit plan accounting, including defined benefit, defined contribution, and health and welfare plans, as well as VEBA trusts. We prepare nearly 200 benefit plan financials annually for a wide variety of clients.  

To learn more about Hewitt's Financial Statement Preparation services and how your company can benefit, contact your local Hewitt consultant or e-mail peoplesolutions@hewitt.com.