Art of the Qualified Plan Audit

Type 1 SOC 1 reports provide plan auditors with an evaluation of the adequacy of the design and implementation of controls

In considering the completeness and accuracy of the benefit payment expense in Taft-Hartley health and welfare (H&W) plan financial statements, an auditor must consider what can go wrong.

When auditing claim payments, auditors must take into consideration whether:

BLS understands the importance that payroll audits play in the annual audit of Taft-Hartley plans’ financial statements.

The DOL has released the report on its fourth study of audit quality. Revealing a shocking turn for the worse, 39% of the plan audits in the sample did not comply with professional audit standards, up from 33% in the 2004 study, 19% in 1997 study, and 23% in the 1988 study.

Imagine that I am standing over a hunched plan administrator in a dark room with a single bright light shone on them screaming “did you take money from the plan?!?”

When I was younger my little sister would come to the park with my friends and me. One day I was walking back with my friends and realized I forgot my sister who was left playing with friends.

Posted by Saaib Uppal, CPA As discussed in one of our previous blog entries, the IRS updated its regulations in 2009 to allow for the reduction and/or the suspension of safe harbor non-elective contributions if certain situations are in play. But, what should be the course of action for the employer who wishes to reduce/suspend a … Continued

Similar to ‘three strikes and you’re out’ in baseball, there is little opportunity in life to get multiple chances for a pardon.

With the fiscal cliff negotiations behind us and impending federal tax reform legislation, Congress will now turn its attention to the debt ceiling and federal spending.