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The 401(k) Audit CPA Success Show

The 401(k) Audit CPA Success Show

Summit CPA Group , Anders CPAs + Advisors

Do you have 100 eligible participants in your 401(k) plan? If so, you might need a 401(k) audit. Anders CPAs + Advisors helps make the audit process as smooth as possible for companies across the United States. This podcast seeks to help companies learn everything they need to know about 401(k) audits, the audit process, and what you need to look for when searching for a 401(k) auditor. Tune-in monthly as Kim Moore, Director + 401(k) Audit at Anders, and special guests share the knowledge and experience acquired from decades of experience performing 401(k) audits. We'll answer some of the most common questions like does my company need a 401(k) audit? What do we need to do to prepare for a 401(K) audit? And much, much more.

41 - Prevent Delays and Errors in your 401(k) Plan Audit with the Power of Automation Software
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  • 41 - Prevent Delays and Errors in your 401(k) Plan Audit with the Power of Automation Software

    As many plan administrators wrap up their 2023-year 401(k) plan audit, reviewing the key pain points of your last audit and preparing for next year’s audit should be a top priority. A major way to improve your audit experience is to reimagine your document retention and control strategies. Automation tools have come a long way in recent years, making it easier to track and maintain the documents you’ll need for your audit, neatly organizing them for ease of access. Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager welcomed AuditMiner Vice President of Business Development Chris Dahl on the show to discuss his company’s software application and how it can help simplify 401(k) audits.

    Mon, 26 Aug 2024 - 36min
  • 40 - Key Steps to Successfully Finalize Your 401(k) Audit

    The end of July marks the deadline for most calendar year-end plans to wrap up their 401(k) plan audit, but are you following best practices to ensure compliance with Department of Labor, ERISA and IRS regulations? Even if your organization has an extension to file your finalized Form 5500 in October, there are tactics you can use to secure a successful filing. As the finish line nears, Kim Moore, Director and 401(k) Audit Practice Leader, and Karen Hill, Audit and Assurance Manager, detail the key steps plan sponsors should take to complete their audit.

    Mon, 1 Jul 2024 - 42min
  • 39 - What to Ask Your 401(k) Auditor About New 2023 Audit Process Requirements

    401(k) plan administrators should take note of four changes that could potentially impact your 2023 plan audit. The Department of Labor altered how Form 5500 counts participants, potentially impacting an organization’s need for an audit in 2024. New auditing standards and a renewed focus on securing your IT environment require you to engage your auditor in a frank discussion about what new steps or documentation processes you need to begin to keep your organization’s plan in compliance. Kim Moore, director and 401(k) audit practice leader, and Karen Hill, audit and assurance manager, discussed the changes and strategies plan administrators can use to ensure their organization’s readiness.

    Mon, 20 May 2024 - 28min
  • 38 - Lessons Learned from the Department of Labor Audit Quality Study

    Episode Summary The latest Department of Labor (DOL) Audit Quality Study dives into where the most errors in an employee benefit plan (EBP) audit occur and why the practice has become more specialized than ever. Audit firms with less experience in 401(k), 403(b) and other types of EBP audits have higher average rates of errors compared to more experienced firms. Kim Moore, director and 401(k) audit practice leader, and Karen Hill, audit and assurance manager, discussed the results of the study and what implications it holds for businesses undergoing an EBP audit.

    Mon, 1 Apr 2024 - 46min
  • 37 - 7 Tips to Become a Proactive Plan Administrator

    To make 2024 an even more successful year, plan sponsors and administrators should commit themselves to being more proactive rather than reactive when it comes to your 401(k) plan. Even if a third-party administrator monitors your 401(k) plan, important tasks can be overlooked and vital deadlines missed, resulting in expensive fines. As the first deadlines for 401(k) audits approach, consider taking the actions set out by Anders 401(k) director and practice leader Kim Moore and audit and assurance manager Karen Hill for punctual deliverables and improved processes.

    Wed, 31 Jan 2024 - 38min
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