401k Annual Audits: Anticipating Serious and Costly Errors, Understanding the Latest SASs, and Impact of Recent Legislation
Recording of a 110-minute CPE video webinar with Q&A
This course will provide retirement plan administrators, auditors, and plan sponsors with best practices to prevent serious and costly errors in preparing for 401(k) audits. The panel will explain the pitfalls that practitioners often encounter in these audits and outline recent changes to the audit requirements, including reviewing the latest Statements of Auditing Standards (SASs) and the impact of recent legislation and changes including changes to the 2023 Form 5500, updates to EPCRS, and the SECURE Acts on 401(k) audits.
Outline
- 401(k) plan audit overview and best practices
- Overview of recent Statement of Auditing Standards
- Audit considerations based on recent regulatory updates including changes to the Form 5500, SECURE Acts, and expansion of EPCRS
- Challenges to anticipate
- Common plan operation errors
- Potential corrections under EPCRS, including most recent changes
Benefits
The panel will address these and other key issues:
- Understanding the areas of highest risk in 401(k) audits
- Impact of recent legislation on 401(k) audits
- Implementing expedient solutions to the most common 401(k) or filing mistakes after the fact
- Understanding changes made to plan audits by recent SASs
Faculty
Christopher Ciminera, CPA, QKA
Principal, Accounting & Auditing
Belfint Lyons & Shuman
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services... | Read More
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services department where he specializes in auditing employee benefit plans of for-profit, nonprofit, and governmental entities. He also specializes in Form 5500 preparation. When necessary, Mr. Ciminera helps clients navigate and prepare filings for corrections of plan errors or late filings through the DOL Voluntary Fiduciary Correction Program, IRS Voluntary Correction Program, and DOL Delinquent Filer Voluntary Compliance Program.
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Kristin Ryan, CPA
CPA, Founder & CEO
Ryan + Mann
Ms. Ryan, CPA, Founder & CEO, has a passion for audit and advisory of employee benefit plans serving the industry... | Read More
Ms. Ryan, CPA, Founder & CEO, has a passion for audit and advisory of employee benefit plans serving the industry since 2008 with a growth-minded perspective and an entrepreneurial spirit.
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