403(b) Plan Annual Audits: Identifying Costly Reporting Errors, Evaluating Alternative Solutions
Determining Audit and Form 5500 Filing Requirements for Governmental and Nonprofit Plans
Recording of a 110-minute CPE webinar with Q&A
This course will provide employee benefits administrators, auditors and plan sponsors with best practices to prevent serious and costly errors in preparing for 403b plan audits. The panel will differentiate between 401k and 403b audits, explain the pitfalls that practitioners often encounter in these audits, and outline how to address these issues based on real world experiences.
Outline
- 403b plan regulatory overview
- Relevant forms and regulations
- Form 5500
- 80/120 Participant Rule
- Discrimination testing
- 403b Financial Statement Issues
- Other beginning balance disclaimers
- FAB 2009-02 disclaimer
- Loans
- Common investments
- Multiple service providers
- Common 403b plan operation errors
- Definition of compensation
- Deviations between plan documents and administration
- Eligibility
- Others
- Potential fixes for errors
- Benefit plan audit experiences
Benefits
The panel will discuss these and other important topics:
- Common areas of deviation between 403b plan documents and administration
- Challenges in determining what accounts must be reported on audited financial statements
- The 80/120 Participant Rule
Faculty
Kim Flett, CPA, QPA, QKA, CHRS
Compensation and Benefits Services Managing Director
BDO USA
Ms. Flett is a managing director in BDO’s Compensation and Benefit Services practice. With over 20 years of... | Read More
Ms. Flett is a managing director in BDO’s Compensation and Benefit Services practice. With over 20 years of experience in ERISA, she supervises a team of professionals and is responsible for all aspects of qualified plans including government and tax compliance, ERISA consulting, technical review, internal quality control, and retirement plan design and administration. Ms. Flett is also responsible for medical plan consulting, including welfare benefit and specializes in the Affordable Care Act and is an integral part of the leadership team in the Firm’s growing defined benefit practice. She is a tax compliance expert for the Firm’s Assurance Employee Benefit Practice in addition to a technical advisor for the Firm’s national compliance help desks. Ms. Flett is also a business development leader for the Compensation and Benefits global team nationally. She is a frequent writer and lecturer including speaking at the AICPA’s annual Employee Benefit Conference.
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Colleen Sanchez, CPA
Member
Warren Averett CPAs & Advisors
Ms. Sanchez is a Member in the Firm’s Audit Division. She has 23 years of public accounting experience, holding... | Read More
Ms. Sanchez is a Member in the Firm’s Audit Division. She has 23 years of public accounting experience, holding leadership positions including Director of Employee Benefit Plans at Grant Thornton, LLP, Audit Manager at Babush, Neiman, Kornman & Johnson, and Audit Manager at Deloitte and Touche, LLP.
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Wendy Schmitz, CPA
Assurance Director
BDO USA
Ms. Schmitz is a member of the firm’s National Employee Benefit Plan Practice and a leader of the employee... | Read More
Ms. Schmitz is a member of the firm’s National Employee Benefit Plan Practice and a leader of the employee benefit plan internal inspection process. She offers guidance on plan audits and related investments, tax compliance work, and consulting. With her sole focus on employee benefit plans, her responsibilities include all phases of plan financial statement audits, technical research, and providing recommendations for improving plan operations. She has worked on numerous controls and processes documentation projects in both public and in corporate accounting. In addition, she has performed compliance reviews and has been involved in numerous DOL and IRS correction resolutions.
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