Art of the Qualified Plan Audit

It may be counter-intuitive, but reducing the number of employees who are eligible to participate in a retirement plan could be the greater good in certain situations.

Posted by  Maria T. Hurd, CPA Juliet: “What’s in a name? That which we call a rose By any other name would smell as sweet.” Let us consider what a name is. It is the grouping of letters that represent the identification of a person, object, or entity. However, the words may not be exactly representative … Continued

Every year, at least one retirement plan service provider tells us that a plan qualifies for a limited scope audit because their company has an SOC 1 report.

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.