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Employee Benefits Plan Audits

JP MAGSON recognizes that auditing retirement plans is a complex and industry-specific task that requires seasoned experience and knowledge. With changing rules and regulations from the Ugandan Government, it is essential that companies choose the right audit provider for their retirement plans.
We can assess and evaluate the range of staff retirement benefits available on a group or individual basis. For example, advice can be provided as to the suitability of increasing contributions, personal fund choice, or death in service benefit
We also specialize in advising the professional self-employed on retirement, taking account of possible fluctuations in profitability by providing flexible contribution pension plans.

Our clients can benefit from our retirement plan audit best practices, which include:

We assist clients in understanding their plans and their related audit and compliance requirements.
Placing high value on the communication process, we emphasize clear planning and organization to help ensure a smooth audit.
We take the lead to coordinate all phases of the plan audit, including coordinating with third-party record keepers, investment trustees, payroll service providers and actuaries. Our pre-year end financial reviews are an essential method of focusing attention on these opportunities.
Technical Experience:

JP MAGSON professionals thoroughly understand employee benefit plan audits. We use a nationally developed audit approach and can provide guidance on best practices for various employee benefit plan audits, including:

  • Defined contribution
  • Defined benefit
  • Health and Welfare

Careful forward planning prior to year end and tax year end is vital to ensure that tax allowances are maximized for both the company and the individual.

In addition, we can offer suggestions to help improve the internal controls of a plan and can note areas that should be considered for compliance with the laws and regulations.