In the 14th century epic poem the Troilus and Criseyde, Geoffrey Chaucer portrays a tragic love tale between Troilus, a Trojan warrior, and Criseyde, the daughter of a Greek fortuneteller.
When auditors identify operational errors, clients and service providers often ask whether we can ignore them since they are immaterial to the financial statements.
In response to the DOL’s findings regarding ERISA plan audit deficiency rate, the AICPA has embarked on an initiative to improve audit quality
Let’s face it, humans make mistakes. John Wooden said “If you’re not making mistakes, then you’re not doing anything.” In my blog titled “Internal Controls in a Retirement Plan,” I pointed out the importance of controls at the plan sponsor and its service providers to help prevent mistakes in plan administration, help prevent fraud within the plan…
Some people believe you can never get enough of a good thing.
As mentioned in my previous blog, EPCRS: How to Correct Improper Exclusions of Employees from a 401(k) Plan, the IRS implemented and recently revised the Employer Plan Compliance Resolution System (EPCRS),
Keeping two sets of books often means that someone is hiding something from the taxing authorities.
As a plan sponsor, you may know that, generally, if your plan covers 100 employees or more, your plan is considered a large plan and requires audited financial statements to be attached to the 5500 filing.
Discrimination. It’s a concept that most people don’t associate with retirement plan savings.
The use of the wrong definition of compensation is the most common error found in employee benefit plan audits, and it can be a very costly mistake to correct in accordance with the provisions of the IRS’ Employee Plan Compliance Resolution System (EPCRS).