This document provides an overview of preparing for an employee benefit plan audit. It discusses who the key players are in a benefit plan audit, including the sponsor, participants, trustee, plan administrator, custodian and service providers. It outlines the audit requirements for different types of benefit plans and discusses topics like understanding the auditor's responsibilities, internal controls, common audit findings and working with the auditor. The overall goal is to help plan administrators better understand the audit process and make the audit more efficient.
Your annual plan audit does not have to be stressful. We will review plan audit requirements and how you can best be prepared for your audit to make it a more efficient and less stressful experience. Specific areas will include common audit findings: coordinating information from your plan service providers; timely completing your auditor’s requests; and wrapping up the audit. We will also discuss your fiduciary responsibility and risk regarding your plan audit and why you should be concerned in having an experienced firm perform your audit.
Are you involved with the management of a 401(k) plan that is required to have an audit conducted? Please join Danielle Gisondo, CPA, Marilea Campomizzi, CPA and Rebecca Ferris, CPA for a presentation on what to expect the first time your plan needs an audit and what you should be doing now for an easy audit.
Common 401(k) Plan Operational DeficienciesSkoda Minotti
This presentation covers some of the most common 401(k) plan deficiencies and errors and how plan sponsors can go about correcting these issues before they escalate.
Winston & Strawn's Employee Benefits & Executive Compensation Practice hosted an eLunch to discuss key issues faced by plan sponsors during IRS and DOL audits of retirement plans. The most common problem areas identified by IRS and DOL agents were addressed, with practical tips for plan sponsors on how to establish and maintain internal controls to help avoid compliance errors. Topics included:
-The most significant issues DOL agents focus on during audits, including missing participants, late payroll deposits, and missed employee communications
-The most significant issues IRS agents focus on during audits, including definitions of compensation, age 70-1/2 distributions, employee eligibility requirements, and properly updated plan documents
-Steps employers can take in order to improve their internal controls for compliance with IRS and DOL requirements
Contact Winston & Strawn for more information about this presentation:
https://www.winston.com/en/thought-leadership/irs-and-dol-audit-issues-for-retirement-plans.html
Your annual plan audit does not have to be stressful. We will review plan audit requirements and how you can best be prepared for your audit to make it a more efficient and less stressful experience. Specific areas will include common audit findings: coordinating information from your plan service providers; timely completing your auditor’s requests; and wrapping up the audit. We will also discuss your fiduciary responsibility and risk regarding your plan audit and why you should be concerned in having an experienced firm perform your audit.
Are you involved with the management of a 401(k) plan that is required to have an audit conducted? Please join Danielle Gisondo, CPA, Marilea Campomizzi, CPA and Rebecca Ferris, CPA for a presentation on what to expect the first time your plan needs an audit and what you should be doing now for an easy audit.
Common 401(k) Plan Operational DeficienciesSkoda Minotti
This presentation covers some of the most common 401(k) plan deficiencies and errors and how plan sponsors can go about correcting these issues before they escalate.
Winston & Strawn's Employee Benefits & Executive Compensation Practice hosted an eLunch to discuss key issues faced by plan sponsors during IRS and DOL audits of retirement plans. The most common problem areas identified by IRS and DOL agents were addressed, with practical tips for plan sponsors on how to establish and maintain internal controls to help avoid compliance errors. Topics included:
-The most significant issues DOL agents focus on during audits, including missing participants, late payroll deposits, and missed employee communications
-The most significant issues IRS agents focus on during audits, including definitions of compensation, age 70-1/2 distributions, employee eligibility requirements, and properly updated plan documents
-Steps employers can take in order to improve their internal controls for compliance with IRS and DOL requirements
Contact Winston & Strawn for more information about this presentation:
https://www.winston.com/en/thought-leadership/irs-and-dol-audit-issues-for-retirement-plans.html
Nonprofit Finance: Basics for the non-MBA, non-CPA professionalDonorPath
Janet Gibbs, former CFO at Feeding America, explains how to understand your nonprofit's financial statements, and be comfortable interpreting them to external audiences.
Whitepaper: Meeting Your ERISA Fiduciary ResponsibilitiesCBIZ, Inc.
This whitepaper discusses who is considered a "Fiduciary", what the significance of being a Fiduciary is and Fiduciary responsibility recommendations.
For more information, visit www.cbiz.com
CA, MBA Finance with 15+ years of experience in Finance and Accounts, hands on experience in Budgeting, Forecasting and Project costing, working knowledge in SAP, ERP and Various accounting packages, able to manage independently.
Nonprofit Finance: Basics for the non-MBA, non-CPA professionalDonorPath
Janet Gibbs, former CFO at Feeding America, explains how to understand your nonprofit's financial statements, and be comfortable interpreting them to external audiences.
Whitepaper: Meeting Your ERISA Fiduciary ResponsibilitiesCBIZ, Inc.
This whitepaper discusses who is considered a "Fiduciary", what the significance of being a Fiduciary is and Fiduciary responsibility recommendations.
For more information, visit www.cbiz.com
CA, MBA Finance with 15+ years of experience in Finance and Accounts, hands on experience in Budgeting, Forecasting and Project costing, working knowledge in SAP, ERP and Various accounting packages, able to manage independently.
Come join the Raffa Technology team as they provide a review of the leading mid-market accounting software and update you on the latest technology enhancements and trends. They will walk you through best practices for evaluating accounting software while providing you with an overview of three leading solutions (Intacct, Microsoft Dynamics SL and Microsoft Dynamics GP).
In today’s environment potential corporate sponsors are closely scrutinizing value received for dollars spent. Discover what the corporate sector is seeking when considering whether to sponsor your activities and what impact this has on your efforts. Successful nonprofit organizations recognize that they must go beyond the standard prospectus outreach if they are to increase sponsorship income. This interactive seminar covers the six critical factors that you can implement to increase corporate sector revenue.
Join the Raffa Technology team as they walk you through the major productivity enhancements with Microsoft Dynamics GP2015 financial management software. They will walk you through the key feature enhancements including the improved web based capabilities which will allow you to work from anywhere on any device.
This program will present a new model of strategic planning for nonprofits that is designed to assist you in discovering and inventing new, creative ways of going about your work so you can make a breakthrough Mission Impact for those you serve. Learn what makes companies like Google so innovative and how you can use these same ideas in a nonprofit.
In today’s environment potential corporate sponsors are closely scrutinizing value received for dollars spent. Discover what the corporate sector is seeking when considering whether to sponsor your activities and what impact this has on your efforts. Successful nonprofit organizations recognize that they must go beyond the standard prospectus outreach if they are to increase sponsorship income. This interactive seminar covers the six critical factors that you can implement to increase corporate sector revenue.
Times are changing and retirement plan documents and plans need to change with the times. We will be reviewing current and effective plan design strategies to enhance the retirement readiness of your employees and review best practices for plan compliance.
Join us and learn where your organization may have security gaps or be out of state or federal compliance. In this seminar, we will discover how a combination of good policies and the implementation of good, solid solutions can help you meet compliance requirements, and protect and secure your organization or business.
Clark Schaefer Hackett created this buyer’s guide to help you and other plan fiduciaries make an informed decision when hiring a quality auditor for your employee benefit plan audit. This guide covers your fiduciary responsibilities, the timing of a plan audit, audit quality, finding the right auditor and more.
Discussion of recent IRS and Department of Labor 401(k) and pension plan investigations; Learn how you, your management, and your HR team can prevent some of the costly mistakes associated with running your 401(k) and pension plans; Learn the steps to take when sponsoring a retirement plan to avoid problems down the road; Learn what to do when you come across a problem that has already happened.
This webinar provided a 401(k) and pension plan accounting and auditing update for plan sponsors, including management, accountants, and Human Resource professionals. In addition, the presentation provided an update on recent Employee Retirement Income Security Act (ERISA) criminal cases, the outcomes of those cases, and the prosecution.
A professional audit of your retirement plan does more than fulfill federal reporting requirements. It can also help protect the plan’s financial integrity, improve plan operations, and avoid costly penalties. And, perhaps of greatest importance, an audit can help ensure the plan will have the funds to pay your employees’ retirement benefits, and assist the plan sponsor in carrying out its legal responsibilities.
Retirement Plans: Managing Your Fiduciary ResponsibilitySecureDocs
http://www.securedocs.com - Protecting the financial viability of a company is a heavy undertaking. As a trusted advisor to the business as an entity as well as your colleagues, you are expected to use your expertise to determine best practices to keep everyone’s profits and retirement plan savings afloat. It is important that you use a disciplined process to help manage your fiduciary responsibility.
This presentation covers a series of new and important information regarding your role as a fiduciary.
View the presentation to learn about:
-Plan Governance - what is it and why you should care.
-Fee Disclosure is here, now what? Understanding and determining reasonableness.
-Are your participants Retirement Ready?
-401K, IRS and Department of Labor (DOL) audit planning.
This webinar looked at current trends and risks related to employer sponsored 401(k) plans. The discussion included current fiduciary, accounting, and fraud/risk trends that can assist management in planning for 2014 regulatory filings.
Check out our Upcoming Events page for news and updates on our future seminars and webinars at http://www.macpas.com/events/.
View a full recap of this webinar at http://www.macpas.com/current-401k-trends-and-risks/
This webinar was hosted by Dan Sturm (Audit Principal) along with fellow speakers Shalane Cohen (Senior Audit Manager) and Danielle Guinter (Audit Manager), all with McKonly & Asbury.
Current 401(k) Trends and Risks
2018-07 Systems Integration Best Practices for Integrating Your Business Appl...Raffa Learning Community
How much time does your organizations spend getting data to and from critical business systems such as your donor management, association management, membership and accounting applications? What about time sheets, expense reports and payroll data? Have you made customizations to your systems that make packaged integrations difficult to work with? In this session we will share considerations, best practices and use cases from actual customer integrations that may help you tackle your next integration project.
Join Raffa Technology & BI360 for an informative session on best practice approaches to managing your budget process beyond Microsoft Excel. Come learn how you can help your organization increase productivity, insight and decision making while decreasing the manual keying and inaccuracies inherent with Microsoft Excel. This seminar includes a presentation of the BI360 budgeting and reporting software.
In today’s accounting environment, there is mounting pressure to run leaner while becoming more effective than ever. Meeting deadlines, reviewing or preparing reconciliations and providing support requires new approaches to mitigating errors and compromising the integrity of your SOFP and SOA. It doesn’t have to be that way.
Join nonprofit industry leader Raffa, PC and BlackLine to discover a simpler way to perform your reconciliation process that allows you to focus on analysis, risk mitigation, and value creation for your organization.
Not every organization can afford to have a full time CIO on staff. But someone will be fulfilling the role, even without the title. This seminar will help you understand the role a CIO fulfills within your organization, the areas you may not be addressing without a CIO, the risks and opportunities mitigated by the presence of a CIO, and the new world of outsourced IT.
Additionally, we will discuss if your organization can thrive without the latest technology, whether your IT team is doing what they should be, how your IT infrastructure measures up to best practices, and what technology you may be missing out on.
With the ever-increasing threat of viruses, security breaches, and cyber theft, it is important to understand the basics of network and internet security. In this session, you will learn how to pass the security portion of your audit and how to protect your hardware. We will also discuss security in the cloud and Privacy Laws.
This class is beneficial to IT, Operations, and Administrative professionals.
Adam Grant, in a recent Atlantic article, says it best: “People Don’t Actually Know Themselves Very Well.” Do you agree? He argues that your coworkers are much better at rating aspects of your personality than you are. Studying thousands of people at work show that coworkers are more than twice as accurate when asked to assess how stable, dependable, friendly, outgoing and curious you are. In this workshop, we will give you an opportunity to solicit feedback in advance of the workshop, reflect on feedback you’ve received, and provide a safe and confidential environment to explore your blind spots. Those blind spots may be related to the way you see yourself as a manager or leader or perhaps how you think about intergenerational differences. We’ll discuss the importance of self-awareness and provide some tools to help you integrate new knowledge about yourself in practical ways at work.
Not every organization can afford to have a full time CIO on staff. But someone will be fulfilling the role, even without the title. This seminar will help you understand the role a CIO fulfills within your organization, the areas you may not be addressing without a CIO, the risks and opportunities mitigated by the presence of a CIO, and the new world of outsourced IT.
Additionally, we will discuss if your organization can thrive without the latest technology, whether your IT team is doing what they should be, how your IT infrastructure measures up to best practices, and what technology you may be missing out on.
Keeping reserves for a “rainy day” is a good practice for all nonprofit institutions, but how much should your organization set aside? A percentage of annual budget? Three-to-six months? Our answer is: it depends. Each nonprofit is unique and can experience distinct unexpected circumstances that may affect its long-term financial health.
This session, led by mark Murphy of Raffa Wealth Management, will focus on how to conduct a risk assessment that will assist your nonprofit in quantifying financial risks and opportunities. Once completed, this risk assessment aims to assist in finding the appropriate reserve level for your unique organization.
Whether you are in the initial phases of creating your nest egg or revaluating longstanding reserve levels, this session is for you.
Help your organization make better informed decisions. Join the Raffa Technology team and Prophix to discover how best in class organizations are using financial automation to drive improved budgeting, strategic financial analysis and better business decision making.
Learn how organizations are automating the financial budget process to deliver more accurate and timely information in the financial planning process.
Not every organization can afford to have a full time CIO on staff. But someone will be fulfilling the role, even without the title. This seminar will help you understand the role a CIO fulfills within your organization, the areas you may not be addressing without a CIO, the risks and opportunities mitigated by the presence of a CIO, and the new world of outsourced IT.
Additionally, we will discuss if your organization can thrive without the latest technology, whether your IT team is doing what they should be, how your IT infrastructure measures up to best practices, and what technology you may be missing out on.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
1. Getting Prepared for
Your Employee Benefit
Plan Audit
Lawrence J. Hoffman, CPA/CFF CVA CFE
Partner
March 14, 2012
Thrive. Grow. Achieve.
2. AGENDA
• Seminar Objectives
• Who Are the Players?
• Employee Benefit Plan Audit Requirements
• The Importance of a Quality Plan Audit
• Understanding Your Auditor’s Responsibilities
• Understanding Your Responsibilities
• Working with Your Auditor
• Common Audit Findings
• Suggested Resources
• Q&A
Benefit Plan Audit/ Page 2
3. SEMINAR OBJECTIVES
• Help you to better prepare for your EBP audit
• Make your audit more efficient and timely
• Better understand what your auditors do in an audit
• Anticipate areas of concern for auditors
Benefit Plan Audit/ Page 3
4. WHO ARE THE PLAYERS?
• Sponsor – Generally the employer.
• Participant – Employee, former employee, beneficiaries, members.
• Trustee (Fiduciary) – Responsible for the operation and administration of the
plan assets.
• Plan Administrator – Day-to-day administration of the plan. Could be the
sponsor; a trustee (bank trust dept); insurance company; investment advisor; or
a person designated by the Trustee, if an unrelated third party – “Third Party
Administrator” (TPA).
• Custodian – Charged with the safekeeping of the plan assets.
• Service Providers – Benefits consultant, investment
manager, accountants, lawyers.
Benefit Plan Audit/ Page 4
5. EMPLOYEE BENEFIT PLAN AUDIT
REQUIREMENTS
TYPES OF PLAN’S REQUIRING AN AUDIT
• Defined Contribution Plans
• Defined Benefit Plans
• Health and Welfare Plans
TYPES OF PLANS THAT DO NOT REQUIRE AN AUDIT
• Governmental plans (ERISA section 3(32)
• Church plans (ERISA section 3(33)
• “Safe Harbor” Plans (DOL regulation 29 C.F.R. 2510.3-2(f)
Benefit Plan Audit/ Page 5
6. EMPLOYEE BENEFIT PLAN AUDIT
REQUIREMENTS
AUDIT REQUIREMENT
• Generally when a plan has 100 or more participants at the beginning of the plan
year.
• A participant is defined as those who are eligible to participate in the plan (that
is, contribute to the plan), as well as those who are participating.
• Must count those obtaining or maintaining benefits – those who are no longer
employed yet have vested balances or benefits to be paid.
• 80/120 Rule.
Benefit Plan Audit/ Page 6
7. EMPLOYEE BENEFIT PLAN AUDIT
REQUIREMENTS
If last year you filed Form 5500-SF and this year you have:
Participants Tax Filings Audit Required?
<100 File Form 5500-SF No
100-120 Can elect 5500-SF No
>120 Must file Form 5500 Yes
If last year you filed a Form 5500 and this year you have:
<100 File Form 5500-SF No
>100 Must file Form 5500 Yes
Benefit Plan Audit/ Page 7
8. EMPLOYEE BENEFIT PLAN AUDIT
REQUIREMENTS
AUDIT SCOPE
• Full Scope Audit.
• Limited Scope Audit:
̵ C.F.R. 2520-103.8.
̵ Proper certification from a qualifying institution-bank, trust company or insurance company
̵ Only applies to investment and investment-related information at the plan level.
̵ Must include the words “complete and accurate.”
̵ Authorized signature on certification.
Benefit Plan Audit/ Page 8
9. EMPLOYEE BENEFIT PLAN AUDIT
REQUIREMENTS
FILING REQUIREMENTS
• Form 5500 (with audited financial statements for large plans).
• Due 7 months after year end (e.g., 12/31 year end = 7/30 due date).
• Automatic 2½ month extension if Form 5558 is filed with IRS.
Benefit Plan Audit/ Page 9
10. THE IMPORTANCE OF A QUALITY PLAN
AUDIT
• An important accountability mechanism.
• Plan Administrator’s duty to hire an independent auditor and ensure the plan has
obtained a quality audit in accordance with ERISA and DOL requirements.
• ERISA holds Plan Administrators responsible for ensuring that plan’s financial
statements are properly audited in accordance with generally accepted auditing
standards (GAAS).
• Penalties for audit failures can be substantial! ($1,100 a day capped at $50,000
per annual report filing where the required auditor’s report is missing or
deficient.)
• Your audit firm should be a member of the AICPA Employee Benefit Plan Audit
Quality Center.
Benefit Plan Audit/ Page 10
11. UNDERSTANDING YOUR AUDITOR’S
RESPONSIBILITIES
AUDIT OBJECTIVES
• Expression of an opinion on the financial statements.
• Auditor is responsible to plan and perform the audit to obtain reasonable
assurance that material misstatements, whether caused by error or fraud,
are detected.
• The audit is conducted in accordance with auditing standards generally
accepted in the United States.
• Generally accepted auditing standards require, among other things:
̵ Proper planning and risk assessment.
̵ Understanding the design and implementation of internal controls.
̵ Gathering of sufficient evidence.
̵ Documentation of findings.
Benefit Plan Audit/ Page 11
12. UNDERSTANDING YOUR AUDITOR’S
RESPONSIBILITIES
RISK ASSESSMENT:
• Plan management – tone?
• Control environment.
• Financial condition of plan sponsor and industry.
• Plan administration and personnel.
• Accounting and personnel records.
• Fraud risk factors.
• Change in trustees, custodians or other advisors.
• Significant accounting or auditing issues – MAPS, e.g., hard-to-value
investments, fair value disclosures.
Benefit Plan Audit/ Page 12
13. UNDERSTANDING YOUR AUDITOR’S
RESPONSIBILITIES
FRAUD RISKS
• Trustee of small plan created a fictitious employee in the census
data, made employer contributions, and then took out loans against the
balance.
• HR manager requested distributions for persons who left Company 2+
years ago. He had been successful 3 times for over $10,000. Discovered
when bank refused to direct the deposit, since deposit name differed from
account holder’s name.
• Plan investments managed in-house. Company controller is also Plan
Administrator. Controller borrowed funds from the plan to cover cash flow
needs of the Company.
• An HR employee, who also assisted with payroll, diverted both payroll
taxes and plan contributions into his personal account for six months, then
left the country. This employee also had responsibility for reconciling
payroll bank accounts.
Benefit Plan Audit/ Page 13
14. UNDERSTANDING YOUR AUDITOR’S
RESPONSIBILITIES
FRAUD RISKS (CONT.)
• A person was offered a job but never actually started the job. The plan
sponsor entered the person as an employee into the HR system, enrolled
the person in the plan, and then started issuing paychecks with deductions
for contributions to the plan. This went on for three years, until the
employee running the scam requested a distribution, at which time the
fraud was discovered.
Benefit Plan Audit/ Page 14
16. UNDERSTANDING YOUR AUDITOR’S
RESPONSIBILITIES
AUDITOR WILL ALSO CONSIDER, AMONG OTHER MATTERS:
• Existence and valuation of investments (based on audit scope).
• Receivables, including participant loans.
• Completeness and timeliness of employee and employer contributions.
• Accuracy of benefits paid and benefit obligations.
• Appropriateness of plan expenses.
Benefit Plan Audit/ Page 16
17. UNDERSTANDING YOUR AUDITOR’S
RESPONSIBILITIES
AUDITOR COMMUNICATIONS
• Required to make certain communications to “those charged with
governance” at the beginning and end of the audit (SAS 114 letter).
• Engagement Letter.
• Management Representation Letter.
• Communicating Internal Control Related Matters Identified in an Audit (SAS
115 letter):
̵ Material Weaknesses.
̵ Significant Deficiencies.
Benefit Plan Audit/ Page 17
18. UNDERSTANDING YOUR
RESPONSIBILITIES
• The financial statements are those of plan management – only the opinion
is the auditor’s!
• Know your plan and plan requirements.
• Know your service providers and their responsibilities.
• Make sure participant accounts and information is reconciled to the service
organization records on a timely basis (contribution records and census
data agree with payroll information).
Benefit Plan Audit/ Page 18
19. UNDERSTANDING YOUR
RESPONSIBILITIES
• System of internal controls (who has access to the data provided to the
service organization and can override controls?)
• Controls of a benefit plan are composed of controls at both the plan
sponsor, as well as at the service organization (SAS 70 report). Review
these reports.
• The DOL holds plan management responsible for the proper reporting of
plan investments. Watch for proper fair value reporting and disclosures.
Benefit Plan Audit/ Page 19
20. WORKING WITH YOUR AUDITOR
• Have a point person.
• The “PBC” list.
• Timely turnaround of requested documents and schedules (but review them
first!).
• Contact your service providers early to assure they will have the necessary
information on a timely basis, e.g., “audit package.”
• Obtaining service organizations’ SAS 70 control reports (now SOC 1, 2 and 3
reports).
• Scheduling audit field work – be ready!
Benefit Plan Audit/ Page 20
21. COMMON AUDIT FINDINGS
• Late deposit of participant deferrals and loan repayments.
• Failure to properly apply plan’s definition of compensation.
• Failure to follow plan’s eligibility provisions.
• Failure to update plan documents.
• Incorrect employer contributions (including match).
• Failure to properly apply plan’s vesting provisions.
• Improper use of plan forfeitures.
Benefit Plan Audit/ Page 21
22. SUGGESTED RESOURCES
• Selecting an Auditor for Your Employee Benefit Plan, DOL Employee Benefits
Security Administration:
http://www.dol.gov/ebsa/publications/selectinganauditor.html
• AICPA Employee Benefit Plan Audit Quality Center:
http://www.aicpa.org/InterestAreas/EmployeeBenefitPlanAuditQuality/Membershi
p/Pages/Find%20a%20Member%20Firm.aspx
• RAFFA, P.C. website – Employee Benefit Plan Services Resource Center:
http://www.raffa.com/services/?sec=4&subSec=43
Benefit Plan Audit/ Page 22
24. LAWRENCE J. HOFFMAN
SENIOR PARTNER
Lawrence is a senior partner with RAFFA. He has over 30 years of audit, accounting, tax and consulting experience in
public accounting and the private sector. Lawrence started his career with a “Big Four” accounting firm in
Washington, D.C. and progressed quickly. He started his own CPA firm in 1982 and, in seven years, grew that practice
to one of the Washington D.C.’s largest firms. His firm also specialized in nonprofit organizations, along with other for-
profit industries and specialized consulting services. Lawrence is a Certified Fraud Examiner and Certified Valuations
Analyst. Over the years, Lawrence developed a nationally recognized practice in forensic accounting and
investigations. In 2008, he merged his practice with RAFFA.
His experience with nonprofit organizations includes charitable organizations and foundations, churches and religious
organizations, trade associations, private clubs and country clubs, health care and elder care. Understanding the
internal management and accountability needs of nonprofit organizations, Lawrence has assisted in the start-up and
development of numerous nonprofit organizations and has served on several boards throughout his career. He has also
assisted nonprofits with fundraising strategies and program development and has been an instructor at various industry
conferences on nonprofit accounting, auditing, forensic accounting and other financial management topics.
Lawrence also has extensive expertise in the regulations governing benefit plan audits. He is RAFFA’s designated
partner with the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC). In this capacity, he coordinates the
firm’s membership compliance with the EBPAQC, disseminates information to RAFFA staff performing EBP audits and
coordinates RAFFA’s audit process and system of quality control. Lawrence also
Benefit Plan Audit/ Page 24
25. LAWRENCE J. HOFFMAN
SENIOR PARTNER
oversees and performs all quality control reviews for the firm’s pension and employee benefit plan audits. His
knowledge of accounting and auditing standards and regulations governing employee benefit plan audits includes
defined benefit, defined contribution, employee stock ownership, 403(b), 457, and other employee benefit plans.
Lawrence, who holds his CPA license in the Commonwealth of Virginia, is a member of the American Institute of
Certified Public Accountants and the Virginia State Society of Certified Public Accountants. He is also a member of the
National Association of Certified Valuation Analysts and the Association of Certified Fraud Examiners and is a certified
in Financial Forensics by the American Institute of Certified Public Accountants. He received a Bachelor’s degree in
accounting from Mount St. Mary’s College.
As a private pilot, he sits on the Board of Directors of Mercy Medical Airlift, an affiliate of Angel Flight and has
volunteered and completed numerous missions for Angel Flight and for animal rescue organizations. He is also a board
member and chairs the Finance Committee for New Hope Housing. Lawrence has been very active during his career
with assisting numerous nonprofit organizations as a volunteer, board member, and trusted advisor.
Benefit Plan Audit/ Page 25