by cpaadmin | Jun 16, 2021 | 401k Audit Firm, 401k Audit Oversight, 401k Plan Audit, 401k Plan Audit Documentation, Audit Procedures, Virtual Audits
We all know that 401k plans provide benefits to employees and employers alike, offering enhanced retirement security for workers and acting as an enticement when recruiting new employees. But for those charged with managing 401k oversight, these popular plans bring...
by cpaadmin | May 18, 2021 | 401k Audit Firm, 401k Compliance Error, 401k Plan Audit, Audit Procedures, Fiduciary, Retirement Plan
You’ve probably heard that recent litigation over breaches of fiduciary duty under the Employee Retirement Income Security Act (ERISA) has been making a stir. It’s important to recognize that fiduciaries of retirement plans for small businesses have the same legal...
by cpaadmin | Mar 20, 2021 | 401k Audit Firm, Personal Protected Information, Virtual Audits
When the pandemic hit in 2020, some of our customers faced an unexpected curveball. We’ve been doing virtual 401k audits for years, but many companies had maintained their relevant audit records on paper … until last year. COVID revealed a compliance gap that hadn’t...
by cpaadmin | Feb 15, 2021 | 401k Compliance Error
Errors with eligible compensation—or, the income that counts toward your 401k retirement plan—were the number one compliance issue we saw in the 2020 audit season. It’s counterintuitive, because the definition of “eligible compensation” is dictated by the employer...
by cpaadmin | Jan 15, 2021 | Audit Procedures, SECURE Act
Happy 2021! Like everyone else, we are thrilled to welcome in a new year. Just like last year, we’ll be sharing helpful tips and insights each month to keep your retirement plan administration compliant and on track. Back in November, we wrote about our top 7...
