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This session will provide an overview on several areas of the audit that always appear to be on the Department of Labor’s deficiency list and/or raise many concerns from CPA firms with limited employee benefit plan audit practices. The speaker will dive into suggested efficiency measures to consider when performing your audit procedures relating to evaluating the plan’s internal controls, the use of a Service Auditor’s Report (SOC Report), testing participant counts and related data and more!
This presentation will include a discussion of the issues being raised in recent IRS/DOL retirement plan audits, an update of the IRS plan correction fee schedule and its collateral implications, late deposit issues, recent tax law changes affecting retirement plans and the new Section 199A (QBI) deduction and how that potentially affects compensation and benefits planning. In addition, Guadagnoli and Sheridan will highlight some of the less frequently encountered (but nevertheless big issues) for retirement plan clients, such as Puerto Rico dual qualified plans, restorative payments and benefit/right/feature issues.
How can we, as trusted advisers, twist what we know about plan operational issues, fiduciary responsibilities and the new (delayed) conflict of interest rule into value-added education and assistance for our plan sponsor clients in fulfilling their fiduciary obligations? We will explore this perspective as clients, the Department of Labor, participants and plaintiffs’ attorneys continue to focus on the stringent ERISA requirements.
Get an update on the implementation issues surrounding ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share. We’ll also cover the new requirements of ASU 2017-06, Employee Benefit Plan Master Trust Reporting. Other topics such as SAS 132, The Auditor’s Consideration of the Entity’s Ability to Continue as a Going Concern, mortality improvement scales, changes to the IRS determination letter program and Form 11-K reporting considerations will also be discussed.