The 401(k) Audit CPA Success Show

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.

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.

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.

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.

As the year-end and the final Form 5500 deadline approaches, 401(k) plan administrators and sponsors should take this time to review their plan documents to ensure their continued compliance with ERISA, Department of Labor and IRS compliance requirements. Neglecting to secure a Fidelity Bond, failing discrimination testing, making errors on your Form 5500 and other compliance mistakes can lead to hefty fines you could be deemed personally liable for if they negatively impact participants in the plan. Reviewing these common 401(k) plan missteps can help you identify compliance issues within your own plan before they negatively impact plan participants.

After a surge in the number of cyber-attacks on businesses, most have changed the way they utilize cybersecurity protections. Has your 401(k) plan done the same? To ensure your plan, assets and participants remain safe from cyber criminals and fraudsters seeking to exploit security vulnerabilities in your system, complete annual risk assessments, review internal and customer controls, and invest in an insurance plan before a breach occurs. As a plan sponsor, doing so is your fiduciary duty. Failure to do so can result in costly court battles that you’re unlikely to win.

Filing Form 5500 correctly and on time is imperative for 401(k) plan sponsors or administrators. Inaccuracies or missed deadlines can result in penalties and other fines. First-time filers may also be curious about which schedule applies to their plan and how they can ensure they’ve selected the correct option. Director and 401(k) Audit Practice Leader Kim Moore and Audit and Assurance Manager Karen Hill give an overview of Form 5500, important deadlines to keep in mind and other tips for ensuring the all-important tax document is able to be filed on schedule.

By now, companies who have reached the 80-120 employee benchmark have learned that they will need a 401(k) plan audit this year, but they may not have a solid idea of what steps come next in the process. Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill detail what plan sponsors need to do and when, plus advice on how to make sure you find an auditor qualified to take on highly technical and regulated employee benefit plan audits.

Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill share guidance for 401(k) plan sponsor’s first audit and key advice to ensure a successful audit with minimal delays. First time audits can be difficult to manage without prior experience, and typically take much longer than subsequent audits, but key advice from Kim and Karen can help keep plan administrators organized and prepared.

With 2023 on the horizon, our Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill discussed end-of-year activities that 401(k) plan sponsors/administrators should be doing to prepare for the upcoming year. These tips will help plan sponsors stay organized and avoid going into compliance or otherwise opening your organization up to potential late penalties and fees.

In this episode our Director of Audit, Kim Moore, sits down with Karen Hill, our 401(k) Senior Auditor to talk the upcoming October 15 deadline and how plan sponsors can try to speed up their audit process. Kim and Karen will discuss common roadblocks and mistakes that can trip companies up and share some tips to keep the process running smoothly and efficiently.

In this episode our Director of Audit, Kim Moore, sits down with Karen Hill, our 401(k) Senior Auditor talk about the Secure Act 2.0 and the latest updates as the bill is now for the Senate's approval. Kim and Karen will discuss the major provisions of the Secure Act 2.0 and its implications for 401k plan participants and plan sponsors.

Have you heard the news? Last April 1, 2022, Summit CPA officially joined Anders CPAs + Advisors (Anders) with a vision to achieve their highest potential together. Anders is a Top 100 St. Louis-based CPA and advisory firm that has delivered full-service accounting, tax, audit, and advisory services to growth-oriented companies, organizations, and individuals for more than 55 years. In this special episode, our Director of Accounting, Jamie Nau interviews Mark Hinsen, Partner and Director + Audit and Assurance at Anders and Kim Moore, our Director of Audit to talk about the recent merger and how it will affect the audit department, services provided, and clients.

In today's episode, Kim Moore, Summit CPA's Director of Auditing will be our host together with Karen Hill, Summit CPA Group's 401(k) Senior Auditor to talk about a situation that we often see on the operations floor - misunderstandings and tension between the auditor and the company being audited. Knowing how you can interact and communicate better with your 401k Auditor can help avoid several unnecessary conflict and wasted energies. We will be sharing tips and tricks of the trade that can help make the audit smoother for everybody.

AuditMiner is an online B2B SaaS tool that streamlines the employee benefit plan audit. In today's episode, Kim Moore, Summit CPA's Director of Auditing will be our host together with Karen Hill, Summit CPA Group's 401(k) Senior Auditor to interview our guest Kelly Mann, Co-Founder of AuditMiner to discuss how this tool benefits CPA firms conducting 401(k) audits.

We've discussed SAS 136 very briefly in the past, but this audit season we share what this would mean for 401(k) plan sponsors and auditors. In this episode, our host and Summit CPA's Director of Accounting/Virtual CFO, Jamie Nau together with Kim Moore Summit CPA's Director of Auditing and 401(k) Senior Auditor, Karen Hill revisit and dive deeper into the new Statement on Audit Standards 136.

In this special holiday episode, our host and Summit CPA's Director of Accounting/Virtual CFO, Jamie Nau together with Kim Moore Summit CPA's Director of Auditing and 401(k) Senior Auditor, Karen Hill are coming just in time for the holidays - (whichever one you celebrate) with twelve (12) gifts for you! They give the popular "12 Days of Christmas" a creative spin by giving you twelve (12) things you should think about and prepare for your 401(k) plan going into 2022.

What is the global phenomenon called "The Great Resignation"? What is happening in the current labor force that is affecting companies in various industries? In this episode with Jody Grunden and our People Operations Strategist, Josh Jeans we will address this phenomenon and lay out practical steps a company can consider to take this employee retention and hiring challenge head-on.

In this episode, Jamie Nau sits down with Kimberly Moore to talk about a timely issue since it is close to the time for open enrollment and annual enrollment for employees. We will share strategies old and new that can influence your employees enroll into your 401k Plan while highlighting the importance of communication in bridging the gap between the company and its employees to discuss about 401k Plans.

Unlike any other audit, 401k Plan audit is its own unique specialization they are very technical and the rules that govern them are changing all the time. As a 401k Plan Administrator you need to make sure you're staying compliant with the current regulations and that you get the value of what you pay for according to your business needs. In this episode, Jamie Nau sits down with Kimberly Moore to talk about 401k audit pricing and what you can expect from the pricing process.

Knowing the right questions to ask can make a really big difference for you when you are looking for a 401k Audit service provider. In this episode, Jamie Nau sits down with Kimberly Moore and Karen Hill to discuss all you need to know and consider when selecting your 401k provider.

We're taking a little breather from the heavy topics such as cyber security and legal implications for today. In this episode we are sitting down with Kim Moore, Chasity Price and Lauren Van Wyngarden from our 401K Audit Team to talk about their experience working and interning at Summit CPA Group.

As technology continues to evolve, businesses should make cyber security a priority. Our tools and processes become smarter as technology improves but so does the attempts of hackers. This poses a big threat to the sensitive information that businesses currently have in their possession. Today, Jamie Nau sits down with Kim Moore for a deep dive about cyber security, and the ways in which 401k plan administrators can protect their clients from cyber threats.

The Secure Act was passed in 2019 and while we discussed about this a year ago to enlighten our listeners about its impact to their businesses there is a revised version that is expected to pass this year a lot are talking about this to gain clarity of its implications. Today, Jamie Nau sits down with Kim Moore to talk about the Secure Act 2.0 and the key provisions that 401k Plan Administrators need to know about this legislation.

Today, Jamie Nau sits down with Kim Moore to talk about record keepers and third party administrators. This episode gives light to one of the most common questions we get from our clients — "What should I consider when I plan to hire/switch service providers?", we will take a deep dive in to this and discuss all you need to know and consider as a 401k Plan administrator.

This topic may not sound as fun as our other episodes but this one is relevant and important for you and your company - lawsuits. Lawsuits are a lot of work, they take time, cost you money and are a lot of stress. Today, Jamie Nau sits down with Kim Moore to talk about lawsuits as it relates to the 401k plan. This episode will help you as a 401k plan sponsor to avoid lawsuits, and tell you where to look, and what to watch out for.

Today, Jamie Nau sits down with Kim Moore to talk about one of the most asked question, which is "What should I do so I could plan for my retirement?". Answering this question not just from the perspective of a plan sponsor but also from an individual's perspective focusing primarily on the 401k aspect of your retirement plan.

In this episode, Jamie Nau sits down with Kim Moore and David Ramirez from For Us All. We talk about current trends related to 401k plans during COVID-19 and the economic decline and things you can do in your business to respond within your 401k plan. We also talk about advice for employees and what you can do as an employer to support your employees on their 401k plan.

In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about fines and penalties that are associated with 401k plans. We get a lot of questions about this topic at Summit CPA, and it’s extremely important information to have, especially as we get close to the 5500 deadline. Listen to learn about how you can ensure your business is following all of the rules and regulations with its 401k plan.

In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about auto-enrollment. Auto-enrollment is when you require your employees to enter the 401k plan once they meet certain requirements. They don’t have to do anything in order to be enrolled. It happens automatically unless they take steps to decline enrollment. Listen to learn about how and why you would implement this into your company’s 401k plan.

In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about the Form 5500. The Form 5500 is going to be due soon. It’s a tax form that provides information to the IRS and the Department of Labor about your 401k plan. Listen to learn everything you need to know about the procedures and requirements of filing it.

In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about how COVID-19 is affecting 401(k) audits. You wouldn’t think that the pandemic would have much of an effect on your audit. However, many CPA firms are overwhelmed right now just trying to support the basic business of their clients who are facing a variety of challenging situations. As a result, 401(k) audits are falling low on the priority list.

Last month we talked about the most common findings in 401k audits. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to continue the conversation. Even if you don’t need an audit, this episode will help you to be aware of anything you need to know if you provide a 401k plan for your employees.

This is part one of a two part series on the types of errors that happen during 401k audits. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about compensation and contribution errors. Even if you don’t need an audit, this episode will help you to be aware of anything you need to know if you provide a 401k plan for your employees.

In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to discuss a new audit standard that will be approved for the upcoming year. SAS (Statement on Audit Standards) number 136 makes some changes to the audit opinion letter that gets issued to you by the auditor. Most auditors are already complying with these new regulations, but if you don’t do a lot of audits, there may be some changes that you need to make. So in this episode, we will go through everything you need to know as a plan sponsor once this new standard is implemented.

At the end of December, the SECURE Act was passed and went into law. There are some parts of it that are not in effect yet, but this is definitely something you need to know about if you are an employer that offers a 401k plan (or if you are considering it). In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to discuss what you need to know about the SECURE Act as a 401k plan sponsor.

One of the first questions you probably have about a 401k audit is “how much is this going to cost?” In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to talk about the pricing you can expect in a 401k audit and what you can expect from the pricing process.

A 401k plan is a benefit you are offering to your employees, so it probably isn’t obvious how to prepare for an audit and what to expect from the process. In this episode, Jamie Nau sits down with Kyle Tanaka to talk about the process you can expect the auditing firm to follow and how you can best work with your auditors through every stage.

Many business owners are seeking help and clarity when it comes to the audit process. While they may not know where to start, they know it’s time to get started in seeking out auditing professionals who can help. In this episode, Jamie Nau sits down with Kim Moore, director of auditing at Summit CPA, to shed some much-needed light on how the auditing process works and what you need to know to stay compliant.

The 401(k) audit deadline is quickly approaching. If you’re a company with 100 or more employees, it’s time to kick your auditing into high gear to ensure you’ll make the deadline. In this episode, Jamie Nau chats with Kim Moore, director of auditing, and CEO Jody Grunden to discuss the audit process at Summit CPA and what companies can do to prepare for the upcoming audit deadline.