Category: DOL/IRS Guidance
Continued Interest from the DOL in the Selection of Qualified Plan Auditors
December 09, 2015
In a previous blog, DOL Audit Quality Study: Employee Benefit Plan Auditors Are not Making the Grade, we discussed the results of the 2015 Audit Quality Study performed by the Department of Labor (DOL).
Amending a Plan’s Eligibility Provisions Could Delay a Financial Statement Audit Requirement
December 02, 2015
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.
SOC 1 Reports and Limited Scope Audit Certifications Are Not the Same
November 05, 2015
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.
Using Service Organization Control (SOC) 1 Reports to Reduce Audit Testing
October 09, 2015
Type 1 SOC 1 reports provide plan auditors with an evaluation of the adequacy of the design and implementation of controls
Risk Assessment for Taft-Hartley Health and Welfare Plan Claim Payments
October 08, 2015
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.
Auditing Eligibility for Claim Payments in Taft-Hartley Health and Welfare Plans
October 07, 2015
When auditing claim payments, auditors must take into consideration whether:
Taft- Hartley Plan Payroll Audits
October 05, 2015
BLS understands the importance that payroll audits play in the annual audit of Taft-Hartley plans’ financial statements.
The Voluntary Fiduciary Correction Program – How to File an Application
July 23, 2015
In my previous blog, “The Voluntary Fiduciary Correction Program – Overview”, I discussed the Voluntary Fiduciary Correction Program (VFCP).
The Voluntary Fiduciary Correction Program – Overview
July 07, 2015
By filing through the VFCP, a plan sponsor will receive a no-action letter from the EBSA indicating to the plan that the EBSA will not take civil action against the plan sponsor with regard to this specific transaction in the submission. It is also important to note that there is no application fee to file through the VFCP.
A Plan Sponsor’s Guide to Assessing the Qualifications of Retirement Plan Auditors
June 10, 2015
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.