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Start Preparing Now for SAS 136

Posted by Wende Wadsworth on Mar 9, 2021 5:21:21 PM

In 2019, the AICPA issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Report on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS 136 prescribes certain new performance requirements for financial statement audits of ERISA employee benefit plans.

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Topics: Audit & Assurance

What is the auditor's responsibility when it comes to reviewing Form 5500?

Posted by Wende Wadsworth, CPA on Mar 9, 2021 4:48:33 PM

Another requirement of Statement on Auditing Standards (SAS) No. 136 is that auditors cannot release final financial statements until they have received and approved Form 5500. This raises the question: What is the auditor’s responsibility when it comes to reviewing Form 5500?

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Topics: Audit & Assurance

Audit Management Letters: Pay Close Attention to These Findings

Posted by Wende Wadsworth, CPA on Feb 8, 2021 11:26:43 PM

If an auditor detects discrepancies or deficiencies while performing an employee benefit plan audit, the auditor will communicate these to the plan sponsor in a management letter included with the audit.

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Topics: Audit & Assurance

The Pandemic and Your Retirement Plan: Re-examine Plan Design in Light of COVID-19

Posted by Wende Wadsworth, CPA on Dec 22, 2020 12:03:25 AM

The coronavirus pandemic has resulted in financial upheaval for a number of businesses that sponsor an employee retirement plan. As a result, some of them have taken a fresh look at their plan design to see if there are any changes that could help them better weather the financial storm.

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Topics: Audit & Assurance

2021 ERISA Compliance and Reporting Deadlines

Posted by Wende Wadsworth, CPA on Dec 21, 2020 11:21:01 PM

As an employee benefit plan sponsor, you are required to complete a variety of ERISA compliance tasks throughout the year. Your third-party administrator may be engaged to handle some of the tasks for the plan. Here are the 2021 plan year deadlines for some of the most common ERISA compliance tasks:

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Topics: Audit & Assurance

Fiduciary Focus: Target Date Funds

Posted by Wende Wadsworth, Audit Shareholder on Oct 27, 2020 2:41:16 PM

Target date funds (TDFs) have become an increasingly popular investment choice for many retirement plan participants. According to a recent estimate by Bloomberg Law, participants currently hold about $1.4 trillion in TDFs.

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Topics: Audit & Assurance

Internal Controls: What are Your Responsibilities as a Plan Sponsor?

Posted by Wende Wadsworth, CPA on Aug 19, 2020 2:31:34 PM

As the sponsor of a qualified retirement plan, you’re subject to certain fiduciary responsibilities. These include administration functions like maintaining the plan’s financial records and filing an annual report for the plan.

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Topics: Audit & Assurance

Corporate Mergers and Spinoffs: How Your Retirement May Be Affected

Posted by Wende Wadsworth, CPA on Jul 14, 2020 2:11:53 PM
If your company is involved in a merger or spinoff, you’ll need to plan carefully for how your qualified retirement plan will be affected. Failure to plan ahead for the impact of a merger or spinoff on your plan could lead to unintended consequences.
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Topics: Audit & Assurance, Retirement Reporter, Employee Benefit Plans

Correcting Plan Errors: SCP vs. VCP

Posted by Wende Wadsworth, CPA on Jul 14, 2020 1:58:41 PM

Despite your best efforts to remain compliant, operational errors are sometimes made in the administration of employee retirement plans. When errors occur, you generally have two main options for correcting them:

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Topics: Audit & Assurance, Employee Benefit Plans

Accounting for Paycheck Protection Program Loans and Forgiveness

Posted by Stacey Monson on Jun 30, 2020 1:53:11 PM

The American Institute for Certified Public Accountants (AICPA) recently issued a Technical Question and Answer (TQ&A) that provides guidance on accounting for loans issued under the Paycheck Protection Program (PPP).

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Topics: Audit & Assurance, News, COVID-19

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