Employee Benefit Plan Audits: Asking the Right Questions and Avoiding Critical Errors

Identifying Underfunded Plans, ESOP Valuation Mistakes, 403(b) Eligibility Issues and Other DOL and IRS Hot Buttons

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, December 17, 2014

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide employee benefits auditors with best practices to prevent most of the serious and costly (but all too common) errors in benefit plan audits. The panel will explain the pitfalls that practitioners often encounter in these audits and outline how to address these issues based on real-world experiences.

Description

Proficiency in auditing benefit plans requires staying on top of the IRS’ and DOL’s ever-changing rules and regulations. An employee benefit plan with more than 100 eligible participants must file audited financials along with Form 5500, which are closely scrutinized during DOL audits.

An employee benefit plan audit is more than substantiating financial statements. Auditors must also be prepared to address plan operations, including an assessment of whether the plan is operating according to the plan document, any plan amendments, and all applicable IRS and DOL rules during the period audited.

Our skilled panel of benefit plan auditors and related advisors, all well versed and experienced with benefit plan audits, will provide guidance on preparing for and getting through audits. The panel will also explain what practitioners can do now to avoid costly mistakes or take action to correct prior plan errors before an audit.

Listen as our panelists offer best practices and insights based on real-world experience for avoiding common high risk mistakes associated with benefit plan audits. The panel will also outline approaches to identify and correct plan errors before an audit or after a filing.

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Outline

  1. Relevant forms and regulations
    1. Form 5500
    2. 403(b) plan rule issues
    3. 408(b)(2) disclosures
  2. Challenges to anticipate
    1. Common plan operation errors
    2. Denied Form 5500
  3. Potential fixes for errors
  4. Best practices for audit preparation
    1. Benefit plan audit experiences

Benefits

The panel will review these and other key issues:

  • Understanding the areas of highest risk in benefit plan audits.
  • Identifying and avoiding the most common mistakes in benefit plan audits.
  • Implementing expedient solutions to the most common plan or filing mistakes after the fact.
  • Pinpointing Form 5500 red flags for the IRS and DOL.

Faculty

Danielle J. Kimmell
Danielle J. Kimmell

Partner
Bober Markey Fedorovich

With more than 15 years of public accounting experience, Ms. Kimmell focuses on serving large, middle-market, privately...  |  Read More

Cindy H. Mitchell
Cindy H. Mitchell

Senior Manager
Bober Markey Fedorovich

Ms. Mitchell has more than 18 years of individual tax experience working with high net worth clients and executive...  |  Read More

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