Patrick Carvey

Patrick Carvey

Audit Partner

Areas Of Expertise: Audit and Assurance

Patrick began his career in 2005 working on financial statement audits at KPMG in Dallas. Prior to working for Holtzman Partners, Patrick also worked as an auditor at BKD in Waco and as a retirement plan consultant for a third-party administrator of employee benefit plans. Patrick has a knack for analyzing large amounts of data and presenting concise, formula-driven tables and graphs. For more info, click HERE.

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Management letter

Audit Management Letters: What You Need to Know About These Findings

By Patrick Carvey / May 5, 2021 / 0 Comments

Did you know that if an auditor detects discrepancies or deficiencies while performing an employee benefit plan audit, the auditor will communicate these to the plan sponsor in a management letter included with the audit? Management letters detail internal control-related problems or the failure of plan sponsors to fulfill their fiduciary duties. It’s important to… Read More »

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SOC 2

Form 5500 Requirements: What is the auditor’s responsibility?

By Patrick Carvey / May 3, 2021 / 0 Comments

Another requirement of Statement on Auditing Standards (SAS) No. 136 (see related article) is that auditors cannot release final financial statements until they have received and approved Form 5500. This raises the question: What is the auditor’s responsibility when it comes to reviewing Form 5500? According to the Audit and Accounting Guide for Employee Benefit… Read More »

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Purchase Accounting

Auditing Standards: Why You Should Get Ready for SAS 136

By Patrick Carvey / April 27, 2021 / 0 Comments

In 2019, the AICPA issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Report on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS 136 prescribes certain new performance requirements for financial statement audits of ERISA employee benefit plans. In addition, SAS 136 changes the form and content of the related… Read More »

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PPP loan

Common 401K Errors: Untimely Remittances of Employee Contributions

By Patrick Carvey / March 26, 2021 / 0 Comments

Employees who fund contributions to their retirement plan via payroll deduction expect the employer to quickly deposit funds to their account. While this is often an automated payroll process, the Department of Labor (DOL) views non-compliance with timely remittance rules as a major issue. Funding employee contributions to retirement plan accounts outside of a narrow… Read More »

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Employee Census

Common 401K Errors: The Importance of Accurate Employee Census Data

By Patrick Carvey / March 9, 2021 / 0 Comments

Did you know the listing of individuals employed by the Plan Sponsor, known as the “Employee Census,” is a critical part of your employee benefit plan compliance? Whether you have a small employee benefits plan with five employees or a large plan with 15,000 employees, proper census data collection is critical. As auditors, we rely… Read More »

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tax law

Employee Benefit Plan Audits: A Deep Dive

By Patrick Carvey / September 14, 2020 / 1 Comment

Depending on the size of your company’s employee benefit plan, you may be required to have an audit of your financial statements performed each year. The goal of this audit is to obtain reasonable, but not absolute, assurance from an independent third party that the plan’s financial statements are presented accurately. An audit helps protect… Read More »

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SOC 2

Employee Benefit Plan Audits: Common Questions

By Patrick Carvey / September 11, 2018 / 0 Comments

Sponsors of employee benefit plans often have questions about many aspects of benefit plan audits. We answer a few of the most common questions.

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Audit deficiencies

3 Common Audit Deficiencies

By Patrick Carvey / April 7, 2015 / 0 Comments

What do auditors typically find when they audit an employee benefit plan? Below are some common deficiencies reported by the Department of Labor…

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