If you haven’t considered using a specialist CPA, it may be time to reconsider. Plan sponsors should prioritize working with specialists because employee benefit plan audits require a deep understanding of complex and evolving Department of Labor (DOL) and IRS regulations that go far beyond standard financial reporting. A CPA who focuses on benefit plan audits is trained to spot compliance risks—like errors in participant data, contribution timing, and plan document adherence—and help sponsors resolve them before they become costly penalties or compliance issues. Firms that are members of the AICPA Employee Benefit Plan Audit Quality Center commit to rigorous training, continuing education, and the highest professional standards, giving sponsors confidence that their audits are handled with precision and care.
At the conclusion of a recent TPSU Program held at Florida Atlantic University (FAU) in Boca Raton, Fred Barstein, Founder and CEO of The Plan Sponsor University (TPSU) and 401kTV, spoke with Hector Aguililla, Partner at Berkowitz Pollack Brant, a regional accounting firm specializing in employee benefit plan audits. Aguililla explained that not all accounting firms are equally qualified and encouraged plan sponsors to seek firms recognized by the AICPA for their expertise. Specialists, he noted, understand the critical details regulators look for—how plan documents are structured, how contributions are managed, and how participant data is maintained. “You want to find the issues before the DOL finds the issues,” Aguililla said.
Using a general CPA without benefit plan experience, he warned, can expose employers to unnecessary risk. “There are always issues that come up in employee benefit plan audits,” Aguililla noted. “Specialists know how to handle them efficiently and cost-effectively.”
Read the Full Transcript Here:
Fred Barstein:
Greetings. Welcome to 401kTV. My name is Fred Barstein, founder and CEO at TPSU and 401kTV. I’m here on the campus FAU in Boca Raton, Florida, where we just completed another TPSU program, and I am here with Hector Aguililla.
Hector Aguililla:
Thank you.
Fred Barstein:
Did I get that right?
Hector Aguililla:
You got it perfect.
Fred Barstein:
All right, very good. Welcome, Hector.
Hector Aguililla:
Thank you.
Fred Barstein:
Okay if we ask you a few questions?
Hector Aguililla:
Of course.
Fred Barstein:
Okay. Before we do, tell us a little bit about yourself and your firm.
Hector Aguililla:
My name is Hector Aguililla, I’m a partner of Berkowitz Pollack Brant. It’s a large regional firm. We have offices from Miami to New York, about 450 people, and one of our specialties is employee benefit plans.
Fred Barstein:
Right. So, you’re a CPA firm?
Hector Aguililla:
It’s a CPA firm, full service firm.
Fred Barstein:
So, not all CPAs do auditing the same way that not all financial advisors do retirement. How does somebody know if their CPA is a specialist?
Hector Aguililla:
That’s a very good question, and it’s actually easy. The American Institute of CPAs, the AICPA-
Fred Barstein:
Yes.
Hector Aguililla:
… maintains a list of the firms that have the designation or are members of the AICPA Employee Benefit Plan Audit Quality Center. So, these are firms that have the commitment of excellence in the employee benefit plan arena, and they attend the AICPA conferences, a lot of training, and they have that designation.
Fred Barstein:
And so, why should a plan sponsor use a specialist? What’s the benefit of that?
Hector Aguililla:
A specialist is going to know the details that matter to the Department of Labor, the details that matter to the IRS, and internal controls that are specific to employee benefit plans. Not just financial reporting, but specific to plan documents and employee benefit plans.
Fred Barstein:
Yeah.
Hector Aguililla:
And they know the ways to help plan sponsors deal with issues, because there’s always going to be issues. Whether you’re small or large plan, there’s always some issues that get by.
Fred Barstein:
What’s the downside of using… I have a CPA, why do we need a specialist?
Hector Aguililla:
The downside, the CPAs that don’t have the designation or that don’t have the specialty, don’t know the little details, the little specific requirements of the DOL and don’t know how to deal with issues.
Because a lot of issues, employee benefit plan audits have a lot of issues, always. And these issues can be dealt in different ways, and it’s more efficient and cost-effective to deal with them the right way.
Fred Barstein:
They could be subject to fines and-
Hector Aguililla:
You want to find the issues before the DOL finds the issues, right?
Fred Barstein:
Right, you’ve got to know what they’re looking for.
Hector Aguililla:
Yeah.
Fred Barstein:
Final question. This is your first, I think, TPSU program?
Hector Aguililla:
Yes.
Fred Barstein:
What do you think a plan sponsor benefit from coming to a TPA?
Hector Aguililla:
Well, it was a wonderful opportunity today. A lot of plan sponsors, large plan sponsors, small plan sponsors, they got access to experts in the field, record keepers and CPAs and advisors, and they got to ask the questions that really pertains to them.
And they got to learn issues that they would never even thought of because it doesn’t apply to them yet, but it will, they will apply to them. So, it was a really good program most of the day, with very close eye access to experts.
Fred Barstein:
Thank you for your time today, Hector-
Hector Aguililla:
Thank you, Fred.
Fred Barstein:
… Aguilera?
Hector Aguililla:
Aguililla
Fred Barstein:
Aguililla, very good. And thank you for watching 401kTV. Please, stay tuned.
