Qualified Plans Should Not Hope to get a Qualified Audit Opinion

Posted by Maria T. Hurd, CPA As a result of recent changes to the AICPA-approved language for audit reports, unqualified audit opinions will no longer confuse plan sponsors and service providers who associate the word qualified with compliance. New accounting pronouncements have changed the phraseology used to indicate the plan’s financial statements are not materially misstated from “unqualified opinion” to … Continued

401k Audit Delaware

Advanced Limited Scope Audit Issues

Plans that obtain a valid limited scope certification for the completeness and accuracy of investment information from a regulated financial institution such as a bank, trust company, or insurance company, can instruct their auditors to exclude investment information from the scope of their audit.

Explaining Discrimination Test Refunds to HCEs

Financial advisors on TV and financial publications in reputable papers and magazines consistently encourage people who participate in an employer-sponsored retirement plan to contribute as much as possible. In many cases…