Category: EBP Plan Audits
What is the Effect of Prohibited Transactions on the EBP Audit Opinion?
June 04, 2019
Posted by Maria T. Hurd, CPA, RPA The Truth Will Set You Free, but First, It Will Make You Miserable When it comes to reporting prohibited transactions (PT) with parties-in-interest, it’s better to come clean, confess, and report on the supplementary schedules to the audited financial statements than to deny any wrongdoing. Withholding information results … Continued
The New EBP Audit Standard: Is Making Old Rules New Again Effective?
May 28, 2019
Posted by Maria T. Hurd, CPA, RPA A new auditing standard (expected to be issued in 2019), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“Audit Standard” or “EBP SAS”) would be effective for audits performed starting in 2021 for plans with financial statement periods ending on or … Continued
How will the new audit standard affect plan sponsors? – The Engagement Letter
May 21, 2019
Posted by Maria Hurd, CPA, RPA Updated May 22, 2019 First Things First: The Engagement Letter The new audit standard, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, effective for plan years ending on or after December 15, 2020, will require certain management representations as a pre-condition … Continued
What’s the Difference between a Limited Scope and an ERISA Section 103(a)(3)(C) audit?
May 08, 2019
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).
Nothing is Certain but Death, Taxes, and Retirement Plan Operational Errors
April 26, 2019
In this world, nothing can be said to be certain, except death, taxes, and retirement plan operational errors. Two decades of plan audits have shown time and time again that even the most accurate plan sponsor is not immune from making one of the common errors.
Without extra fanfare: What are the available safe harbor plan formulas?
April 24, 2019
By special request, following is a summary of the basic available safe harbor formulas, with no extra editorials. See bullet points for information about enhanced match opportunities.
How do you Maximize Contributions to your Plan with a Triple Stack Match?
April 23, 2019
In my previous blog, “How to Order a Triple Stack Match for your Plan,” I discussed the basics of the triple stack match formula.
Almost There – Part II
March 04, 2019
In my last blog, Almost There: Moving Closer to the New EBP Audit Standard , I gave a brief background on what led to SAS 13X – Statement on Auditing Standards Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“Final Balloted Draft”) and its proposed changes to the audit report.
Did You Hear that the IRS made Hardship Distributions “a Little Less Hard”?
January 10, 2019
The IRS is striving to make the process of taking hardship distributions “a little less hard” through proposed regulation issued on November 14th, 2018, ushered by the Bipartisan Budget Act of 2018 (BBA).
IRS Announces Increases on Benefits and Contributions Dollar Limitations
November 08, 2018
The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.
Below is a chart that outlines employee benefit plan limits for 2019: