Posted by Maria T. Hurd, CPA, RPA What Auditors Don’t Do In our previous blog, Testing the work of a specialist in a retirement plan audit: how much expertise does the financial statement auditor need?, I explained that auditors cannot be expected to perform or completely re-perform the duties of other professionals, like the actuary, ERISA attorney, third-party administrator, and … Continued
Posted by Tyler Starr, CPA The IRS issued a private ruling on August 17, 2018, to allow an unnamed company to implement a new type of benefit for employees with student loan debt who were eligible to participate in its 401(k) plan. Prior to the private ruling, the company offered a 5% match contribution if employees contributed at least 2% … Continued
Posted by Maria T. Hurd, CPA, RPA The Truth Will Set You Free, but First, It Will Make You Miserable When it comes to reporting prohibited transactions (PT) with parties-in-interest, it’s better to come clean, confess, and report on the supplementary schedules to the audited financial statements than to deny any wrongdoing. Withholding information results in inaccurate supplementary schedules, … Continued
Posted by Maria T. Hurd, CPA, RPA A new auditing standard (expected to be issued in 2019), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“Audit Standard” or “EBP SAS”) would be effective for audits performed starting in 2021 for plans with financial statement periods ending on or after December 15, 2020. Early … Continued
Posted by Maria Hurd, CPA, RPA Updated May 22, 2019 First Things First: The Engagement Letter The new audit standard, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, effective for plan years ending on or after December 15, 2020, will require certain management representations as a pre-condition for engagement acceptance. Specifically, auditors … Continued
In late 2018, the Auditing Standards Board (ASB) voted to issue a final balloted draft of SAS 13X, which addresses the auditor’s responsibility to form an opinion and report on the audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).
In this world, nothing can be said to be certain, except death, taxes, and retirement plan operational errors. Two decades of plan audits have shown time and time again that even the most accurate plan sponsor is not immune from making one of the common errors.
By special request, following is a summary of the basic available safe harbor formulas, with no extra editorials. See bullet points for information about enhanced match opportunities.
In my last blog, Almost There: Moving Closer to the New EBP Audit Standard , I gave a brief background on what led to SAS 13X – Statement on Auditing Standards Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“Final Balloted Draft”) and its proposed changes to the audit report.
All Good Things Come to an End: A Tale of Significant Changes in VCP Fees Affecting Small Benefit Plans
In the 14th century epic poem the Troilus and Criseyde, Geoffrey Chaucer portrays a tragic love tale between Troilus, a Trojan warrior, and Criseyde, the daughter of a Greek fortuneteller.