Before Baker Tilly, our 401(k) audit was messy. Now it is conducted very efficiently and our experience each year is smooth from start to finish. The team is very easy to work – no surprises and no hassles.Ann Veith, Payroll and Benefits Administrator, ABS Global
Case Study
ABS Global bullish on efficient benefit plan audits
Our client’s need
ABS Global is a world-leader in bovine genetics, technologies, and reproduction services. The company was founded in 1941 and has customers in more than 70 countries today. It is a division of Genus plc. and provides US employees with a 401(k) benefit plan under the name Genus Americas. Several years ago, ABS became frustrated with the service they were receiving on their 401(k) audit. Because of regular staff turnover at the auditing firm, human resource directors at ABS felt like they were fielding repeat questions and retraining the external auditors year after year.
Baker Tilly solution
ABS decided it was time to make a switch and hired Baker Tilly to perform a limited scope audit of the company’s 401(k) plan, which has more than 750 participants. During conversations throughout the year and at the annual audit meeting, our team provides ABS with the following:
- Seamless coordination with their plan administrator to perform the audit
- Transparency into the fees paid within the plan
- Benchmarking discussions
- Proactive information about rules and regulations affecting 401(k) plans
- Annual employee benefit plan audit report
Results achieved
- Because of our stable team of professionals, ABS is now working with specialized benefit plan auditors who know their business and provide more insights and ideas.
- As an independent member of Baker Tilly International, our team understands the global nature of ABS.
- The auditing team is located in an office near ABS headquarters, providing human resource directors and payroll personnel with the right amount of in-person meetings and local service.
- Employee benefit plan fees and the time required to complete the audit were reduced.
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