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

Webinar: ID# 1014742
Recorded CD
Qty:
About This Course:
This webinar provides 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.

Outline
  • Relevant forms and regulations
    • Form 5500
    • 403(b) plan rule issues
    • 408(b)(2) disclosures
  • Challenges to anticipate
    • Common plan operation errors
    • Denied Form 5500
  • Potential fixes for errors
  • Best practices for audit preparation
    • 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.
    Learning Objectives

    Upon completing this seminar, you will have a much deeper familiarity with high risk but common mistakes made in completing benefit plan audits. You will have new approaches and insights to utilize in order to address plan operational errors before they cause problems in an audit and how to correct past errors. You will understand areas of highest risk in benefit plan audits, be able to identify and avoid the most common mistakes in benefit plan audits, implement expedient solutions to the most common plan or filing mistakes after the fact, and pinpoint Form 5500 red flags for the IRS and DOL.

    Faculty

    Danielle J. Kimmell, Partner
    Bober Markey Fedorovich, Akron, Ohio

    With more than 15 years of public accounting experience, Ms. Kimmell focuses on serving large, middle-market, privately held companies in a variety of industries including manufacturing and distribution. She also has significant experience in the area of employee benefit plans, as well as consulting on issues arising in middle-market business settings, including audit, compliance and tax issues.

    Cindy H. Mitchell, Senior Manager
    Bober Markey Fedorovich, Akron, Ohio

    Ms. Mitchell has more than 18 years of individual tax experience working with high net worth clients and executive groups. Services include helping develop complex tax strategies, providing tax and financial advisory assistance, accounting and payroll. Additionally, Ms. Mitchell regularly advises clients on a host of employee benefit tax matters, including preparation of annual returns, compliance and research.
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    Employee Benefit Plan Audits: Asking the Right Questions and Avoiding Critical Errors
    Available on CD format
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