Fairfax, VA CPA / Thompson, Greenspon & Co., P.C.

As one of northern Virginia ’s oldest and established accounting and consulting firms, Thompson, Greenspon & Co., CPAs provides access to our dedicated Employee Benefits Group. We work with companies across the Washington D.C. metropolitan area to serve their employee benefit & pension plan needs. Our services include benefit plan/401(k) audits, employee benefit plan consulting, establishing new plans and analysis of tax implications on various types of plan options. We would be happy to meet with you to discuss the type of plans your company operates or assist in developing new a new plan which can be specifically designed for your business.

Employee Benefit Staff Expertise:

Our team of employee plan auditor specialists stays current in this highly technical practice area by:

· Knowledge from core experienced professionals performing in excess of 30 benefit plan audits and possessing collectively 75 years of experience.

· Employee benefit plan audits represent a dedicated industry niche within our firm to which we devote extensive training and resources.

· Attending the annual AICPA National Conference on Employee Benefit Plans and other related seminars.

· Reviewing monthly publications from the AICPA and various ERISA related publications.

· Subscribing to various electronic subscriptions in which updates and current issues are communicated to subscribers in a timelier manner versus print media.

· Developing a network of legal and other ERISA specialist to utilize if an unusually complex situation should arise.

Quality Standards

· T&G is a member of The American Institute of CPAs Employee Benefit Plan Audit Quality Center (EBPAQC), which is a firm-based voluntary membership center for firms that audit employee benefit plans. As a memer of the EBPAQC we must adhere to the following guidelines:

o Designating a partner responsible for our employee benefit plan audit practice

o Establishing quality control programs

o Performing annual internal inspections

o Making our peer review report findings publicly available

· The EBPAQC is another resource utilized by our firm to keep current with regulatory and reporting matters, share resources with other CPA firms serving the industry, and as a resource for training and research materials

· Public Company Accounting Oversight Board registration enables us to perform benefit plan audits for plan sponsors that are public companies and demonstrates our commitment to maintain the highest professional standards

o Thompson, Greenspon & Co., P.C. was one of the first firms in the Commonwealth of Virginia to be reviewed and approved for registration

o Our firm underwent a PCAOB inspection in 2007 and received a report with no comments or findings

· PCAOB Inspection Report

ERISA Audits: What are the risks?

· An assessment issued by the U.S. Department of Labor (DOL) regarding the level and quality of audit work performed by independent qualified public accountants with respect to financial statement audits of employee benefit plans covered under the ERISA disclosed the following:

o 19% of audits failed to comply with one or more established professional standards

o 33% failed to comply with one or more of ERISA's reporting and disclosure requirements

· Impact on plan sponsors could mean risking penalties imposed by DOL who file 5500’s with deficient audit reports

· Many audit failures relate to tax and compliance issues, which we feel our Employee Benefits Group would substantially help mitigate these risks

For more information, please feel free to contact the following individuals:

Nathan S. (Bucky) White IV, CPA               W. Thomas (Tom) Miller, CPA, CVA
Principal                                                           Principal
Employee Benefits Group                                 Employee Benefits Group

Audit, Tax and Consulting                                 Tax and Consulting

Contact Bucky via Website Here                     Contact Tom Website Here



William (Bill) Astrab, CPA                            Sirena Johnson, CPA

Associate Principal                                           Associate Principal

Audit Specialist                                                Audit Specialist

Employee Benefits Group                                 Employee Benefits Group

Contact Bill via Website Here                          Contact Sirena via Website Here

Selected links:

U.S. Department of Labor: Employee Benefits Security Administration:
http://www.dol.gov/ebsa/
U.S. Department of Labor: Selecting an Auditor Brochure:
http://www.dol.gov/ebsa/pdf/selectinganauditor.pdf
AICPA Employee Benefit Plan Quality Center :
http://ebpaqc.aicpa.org/
AICPA EBPQC Membership Requirements: http://ebpaqc.aicpa.org/Memberships/Membership+Requirements.htm