Lisa Morris Josefak
08.27.2015 | LIBN’s Whos Who in Women in Professional Services
Erica Rice, CPA, is an audit manager at Berdon LLP CPAs and Advisors in Jericho. With more than 12 years of professional experience, Rice has particular expertise in auditing and accounting for single and multiemployer employee benefit plans, labor unions, and nonprofit organizations.
“Keeping track of and complying with complicated sets of regulations from the IRS and Department of Labor (DOL) can leave benefit plans, unions, and nonprofits open to all sorts of penalties,” says Rice. “For some organizations, the task can seem overwhelming; I help to smooth the way.”
Rice executes all phases of audit engagements, including planning and client relations. She performs financial statement audits, does regulatory filings, and advises clients on operations within the organization. On behalf of clients, Erica responds to IRS and DOL inquiries and she assists clients in Department of Labor examinations. She is currently developing an article offering advice to for employee benefit plan managers preparing for year end annual audits.
“There has been an increased regulatory scrutiny of employee benefit plans by the Department of Labor,” Rice said, “They are cracking down on deficient audits.”
It is more important than ever that employee benefit plans make sure they are operating in compliance with requirements and that auditors adhere to professional standards, Rice said noting that plan trustees have a fiduciary responsibility to choose an Independent Qualified Public Accountant who is experienced in auditing employee benefit plans.
Currently, the DOL is placing a critical eye on plan audits, Rice explained.
“Passing compliance testing is not the only important thing in keeping the plan out of the critical eye of the regulators,” notes Rice. “Maintaining a secure plan is also important and an audit by an Independent Qualified Public Accountant is one of the best safeguards for achieving this goal.”
Rice earned a bachelor’s degree graduated in accounting from the University of Albany. She is licensed as a certified public accountant in New York. Rice is a member of the New York State Society of Certified Public Accountants and serves as treasurer for the Girl Scouts of Nassau County.
Berdon LLP is consistently ranked among the nation’s top CPA and advisory firms. With nearly 400 professionals and staff – at offices in Jericho and New York City – clients can access a comprehensive array of accounting, tax, financial, and management advisory services. Through its specialized expertise and dedicated service teams, Berdon advises on almost every aspect of a business at any stage of development – from startup through growth, diversification, and succession. If needs cross international borders, Berdon service extends worldwide through membership in TIAG, a global alliance of more than 110 independent accounting firms in over 60 countries, as well as its sister alliance of independent law firms, TAGLaw.