Art of the Qualified Plan Audit

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.

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.

Think back to your early childhood when your parents would try to get you to open your mouth and take in a spoonful of food. “Choo! Choo! Here comes the train!”