401(k), 403(b), 457(b): Why Are the Rules Different?

Posted By: Maria Hurd, CPA Why Ask Why? Why should the rules that determine how and how much a person can save for retirement be different depending on whether the person works for a government entity, a nonprofit, or a for-profit employer? People are people, and their retirement needs are not different based on what type of entity employs them. … Continued

The Who, What, Where, Why, and How of Retirement Plan Audits

The Who, What, Where, Why, and How of Retirement Plan Audits

Posted by Chris Ciminera, CPA, QKA You (or your client) may have just found out that an audit is required for its retirement plan. Many questions may be running through your head such as Why must an audit be performed? What must be audited? Who performs audits? Who is required to have an audit? How is an audit performed? Well, … Continued

When the 5500 is Ready for SAS 136, but Your Auditor is Not

Posted By: Maria Hurd, CPA, RPA What Do You Check to Indicate Your Client’s Auditor Performed a Limited Scope Audit On Your Mark, Get Set, GO!, Or Don’t Go….It’s Up to You! The AICPA postponed the mandatory effective date of the new audit standard, SAS 136, until next year, but the DOL had already updated Form 5500 to incorporate the … Continued

FINRec vs. the DOL/IRS…..Auditors vs. 5500 Preparers

Posted By: Maria Hurd, CPA, RPA Growing up, my father always said this phrase when dealing with disagreements or differences of opinion: “En este mundo traidor, nada es verdad ni mentira, todo es segun el color, del cristal con que se mira,” which is a quote from Ramon de Campoamor meaning “In this deceitful world, nothing is an absolute truth … Continued

When a Valid Limited Scope Certification is Invalid

Posted By Maria T. Hurd, CPA, RPA How Can a Valid Limited Scope Certification be Invalid? Just as certificates of authenticity for rare artwork have certified that reproductions were the real deal, a 103(a)(3)(C) certification, better known as a limited scope certification, could certify an investment value that has not been determined in accordance with Generally Accepted Accounting Principles (GAAP), … Continued

Big Little Plans

Posted By Maria T. Hurd, CPA How Big Can a Retirement Plan Be and Still Qualify for the Small Plan Audit Exemption? “Define Large.” It is a question I often get from advisors hoping to get their clients out of a retirement plan audit. Until now the answer has been simple: 100 participants is the general rule, but if your … Continued