Change is Finally Here! Newly Published EBP SAS
Posted on August 5, 2019
Following a shocking 39 percent audit deficiency rate in an audit quality study conducted by the Department of Labor (DOL) in May 2015, the DOL requested the ASB take a...
Changes To The Determination Letter Program
Posted on February 11, 2019
Effective 1/1/2017 Internal Revenue Service (IRS) eliminated the staggered 5-year remedial amendment cycle for individually designed plans (IDP) on which auditors relied to verify the Plan’s tax qualified status. In...
Consideration Of Non-Cash Contributions
Posted on January 16, 2019
Plan Sponsors may consider contributing non-cash assets into the Plan; typical non-cash contributions include corporate shares and real-estate assets. However, if you’re considering such contributions, be alert as they may...
Nondiscrimination Testing- Compliance for Employee Benefit Plans
Posted on December 12, 2018
Basic nondiscrimination testing - 410(b) and 401(a), is required for defined contribution plans but how do Plan Sponsors address them once the plans failed those tests? To determine that an...
Looking at Fiduciary Responsibilities- Death Audits on the Day of the Dead
Posted on October 30, 2018
Día de los Muertos, or Day of the Dead, is a holiday celebrated throughout Latin American to remember and honor loved ones who have passed on to the other side....
Tackling Cybersecurity Pain Points for Your Benefit Plan
Posted on August 10, 2018
Due to the increased use of electronic means to process financial transactions and store confidential information, cyber security is a major area of concern for all organizations as it relates...
Blockchain, Cryptocurrency,Smart Contracts, and How They are Related
Posted on July 17, 2018
The overnight ascension of cryptocurrencies has thrust an entirely new vocabulary onto the business world. Blockchain this, cryptocurrency that. When coupled with phrases such as "decentralized applications" and "smart contracts",...
Top 5 Internal Controls Risks Facing Benefit Plans
Posted on March 2, 2018
by Gosia Kanda One factor that creates risk for benefit plans is a lack of effective internal controls. As we prepare for another benefit plan audit season, now is the...
Simplifying the Simplification Standards
Posted on July 17, 2017
By Gosia Kanda, CPA and Nadia Cruz, CPA Being able to serve clients with sound audit advice requires practitioners to first learn, understand and explain audit requirements and financial statement...
Audit Deficiencies- Putting Plan Assets and Participants At Risk
Posted on January 31, 2017
by Gosia Kanda, CPA $3.4 trillion in Plan Assets and 55.7 Million Participants are at Risk due to Audit Deficiencies. According to the Employee Benefits Security Administration (EBSA) study on...