The U.S. Department of Housing and Urban Development (HUD) requires audits of entities participating in various HUD programs. HUD requires program-specific audits of for-profit participants (e.g., multifamily housing entities, lenders, etc.) in selected HUD Housing and Ginnie Mae programs under the HUD Consolidated Audit Guide. Not-for-profit and governmental organizations that participate in HUD housing programs fall under the requirements of the Single Audit Act and the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements for Federal Awards (Uniform Guidance).

Our engagements adhere to Statements on Standards for Attestation Engagements (SSAE) when conducting Agreed-Upon Procedure and examination engagements.  Some examples of such AUP and examination engagements that our firm often performs are: payroll compliance testing for a multi-employer benefit plan, payroll tax compliance testing for certified professional employer organizations, medical claims testing for a third-party service provider or a health and welfare plan, cost allocation studies, surprise examinations for registered investment advisors and testing for accuracy of expenses.

Somerset has a team of over 15 talented individuals that specialize in ERISA audits, and we complete approximately 100 plan audits per year. We are also a member firm of the AICPA Employee Benefit Plan Audit Quality Control (EBPAQC). As part of EBPAQC, Somerset voluntarily adheres to a higher standard of audit quality in our policies, procedures and training related to the performance of benefit plan audits.