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 fresh look at the auditor reporting model for ERISA plan audits to provide better insight to the...
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 lieu of the letters, on October 1st of each year IRS...
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 trigger prohibited transactions under...
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 employee benefits plan is operating within the specific guidelines established...
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. On this Day of the Dead, we can’t help but wonder how plan administrators are celebrating….is the so-called...
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 to their employee benefit plans (EBP). The DOL maintains that overall...
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", it can be a lot to digest -- and a...
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 time for plan sponsors to review internal processes and make necessary improvements. Below are the...
by Eric Ernest The Internal Revenue Service (IRS) announced significant relief for the victims of Hurricane Harvey, which includes an extension for filing of Form 5500 series returns applicable to employee benefit plan reporting and compliance. Such returns that were...
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 disclosures in plain English. Accounting Standard Updates (ASUs) issued...