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 amount available under the 15-year catch-up provision is based on the number of years of service and the total contributions previously made.

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?!?”

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