How Can Plan Sponsors Evaluate Prospective Auditors?
Is your auditor a Jack of all trades, but a master of none?
Department of Labor (DOL)
How Do I Correct Late Salary Deferral Deposits?
Posted by Christopher J. Ciminera, CPA, QKA Update – April 29, 2020 On Wednesday, April 29, 2020 the Employee Benefits Security Administration (EBSA) also posted a Disaster Relief Notice 2020-01. In this notice, the EBSA provides relief to plan sponsors regarding the possibility of lags in deposits due to the recent COVID-19 issues which was addressed in my blog below. … Continued
How Can Auditors NOT be Responsible for the Financial Statements?
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
What’s the Difference between a Limited Scope and an ERISA Section 103(a)(3)(C) audit?
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).
How Did the EPCRS Improve Loan Correction Opportunities?
On April 19th, the IRS issued an update to the EPCRS which expands the Self-Correction Program (SCP) to cover certain plan loan failures.
Oops! How do I make it right? IRS Correction Program Options for Common Plan Errors
Posted by Maria Hurd, CPA Disclaimer: All blog posts are valid as of the date published. In a highly regulated industry with complicated rules that always have exceptions (except when the exception does not apply) it is inevitable that sooner or later a failure to follow the plan document will take place. Such operational errors can be corrected through the … Continued
Almost There: Moving Closer to the New EBP Audit Standard
The Auditing Standards Board (ASB) has released a Final Balloted Draft of Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA ( Final Balloted Draft).
IRS Announces Increases in Benefit and Contribution Dollar Limits
As required by IRC Section 415, the IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.
Changing Jobs? Are You Forgetting Something?
We live in an ever-changing world. Some areas which will most likely change many times during your lifetime include your car, job, the place where you live, your hobbies, your relationships with others, and even the organizations you associate with.
Improving Audit Quality Through Enhanced Financial Reporting
In response to the DOL’s findings regarding ERISA plan audit deficiency rate, the AICPA has embarked on an initiative to improve audit quality