Audit & Assurance

DOL Stresses Plan Auditor Experience

May 24, 2016

As a general rule, employee benefit plans with at least 100 participants must provide an audit report when filing Form 5500. A recent analysis of private audits of Forms 5500 conducted by the U.S. Department of Labor (“DOL”) found that a majority (61%) of the sample either provided flawless audits or those with only “minor deficiencies,” and 39% were “unacceptable.” By DOL standards this high rate of failure is unacceptable. The DOL considers these results as proof of the importance of ensuring that your plan’s audit is conducted by a well-qualified auditing firm.

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IT VULNERABILITY AND CYBER SECURITY MANAGEMENT

February 16, 2016

It is an accepted axiom of life in the 21st century that we live in an online and interconnected world. Technology is pervasive, and access to the internet and e-mail, whether from PCs, tablets, or smart phones is almost a necessity of modern life. Although online access makes obtaining and sharing information much easier and convenient, it also increases the risk that your sensitive data and information could be compromised (i.e., hacked) by outsiders.

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Knowledge is Power: Checking Your Service Providers’ Data Security System

August 26, 2015

Maintaining data security is a significant part of running any business. Breaches are inevitable — although not at every organization. Now is the time to ask your service providers about their data security system.

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Demystifying Plan Audits

Demystifying Plan Audits

June 16, 2015

IRS Releases Updated Guidance The IRS recently updated the guidance it offers to plan sponsors in an attempt to clarify its plan audit process. Although the guidance is fairly general, it should be useful for all plan administrators and sponsors to review. Let’s examine some common questions regarding plan audits. Who Gets Audited? The IRS…

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Hiring a Quality EBP Financial Statement Auditor

December 3, 2014

The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has prepared the Plan Advisory, The Importance of Hiring a Quality Firm to Perform Your Employee Benefit Plan Audit, to assist plan sponsors, plan administrators, and trustee with an understanding of the importance of hiring a quality auditor to perform their employee benefit plan financial statement audit.…

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Understanding Auditor Communications

January 31, 2014

The AICPA Employee Benefit Plan Audit Quality Center has prepared this advisory to assist you as a plan sponsor, plan administrator, trustee, audit committee, employee benefit plan committee, administrative committee, or investment committee in better understanding the various communications that may be initiated by your plan auditor. This advisory discusses: An overview of auditor communications Auditor’s communication with those charged with…

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