The 401(k) Audit CPA Success Show

Topics discussed in this episode include:

• The pitfalls of customization options in payroll software and modules such as QuickBooks
• Why it’s important to keep documents clearly organized
• How delays with documents can result in late filings
• What is AuditMiner and how 401(k) auditors are able to use it

Episode resources:

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Request a 401(k) audit consultation

Topics discussed in this episode include:

• A breakdown of the schedules you could encounter and their impact on your audit
• Why you should always promptly answer any requests from your auditor
• What to include, and what to exclude, when filing your Form 5500
• Key tips to avoid difficulties while using the EFAST system

Episode resources:

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Request a 401(k) audit consultation

Topics discussed in this episode include:

• How SAS 143 and SAS 145 can impact your 401(k) plan audit.
• The considerations you need to take with your IT environment, even if either your plan or your IT work is managed by a third-party.
• The consequences of changes to Form 5500 and why this change especially matters for companies hovering around the 100-participant threshold. 

Episode resources:

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Request a 401(k) audit consultation

Topics discussed in this episode include:

• Top takeaways from the Audit Quality Study
• Which sections of an EBP audit have the highest rates of errors
• The questions to ask your audit firm to determine whether they have the experience your business needs

Episode resources:

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Request a 401(k) audit consultation

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

Topics discussed in this episode include:

• Tips on defining roles within your 401(k) plan to promote more cohesion
• The importance of access reviews and why access levels are an equally important part of the discussion
• Benefits of a compliance calendar, plus tips to create one that helps you meet deadlines and improve processes
• Why hiring an investment advisor could help improve participant satisfaction and be a part of your due diligence

Episode resources:

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“We always say that you can outsource the responsibility, but you can't outsource accountability. And you as the fiduciary are responsible. Even though you have hired this third party and you have a contract and everything else, you're still ultimately responsible for whatever happens. So, if something goes wrong and the money gets dispersed to the wrong person, you could be held liable.”

Topics discussed in this episode include:

• How failure to comply with ERISA, DOL or IRS compliance guidelines can result in hefty fines, legal action and even jail time for plan fiduciaries
• The importance of obtaining a fidelity bond, also known as an ERISA bond, even if a third-party administrator says it’s not necessary
• Discrimination testing best practices to ensure timely compliance so you can avoid paying excise taxes
• Why plan sponsors and administrators should regularly review plan distributions 

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“[Cybersecurity protection] is not something in passing that [the Department of Labor is] involved in, not something that once a breach occurs, now they're gonna get involved. They're trying to be more preventative. We're trying to get the information out to all of our clients, as well as anyone listening here: this is something you need to pay attention to.”

Topics discussed in this episode include:

• Plan sponsors have a fiduciary duty to ensure the safety of participants’ assets from fraud, even if the funds are managed by a service provider
• The Department of Labor may ask about your company’s cybersecurity protections during unrelated visits to test your readiness
• Documenting proactive, annual risk assessments and quarterly or monthly control reviews is a critical way to provide proof of good-faith effort to keep your plan and participants protected
• ERISA bonds will not cover a fraud situation, so invest in an insurance plan to keep your plan and your company covered in case of a breach.

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.
• Discover how Anders Technology Groupworks with your organization to protect against cyber threats.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“It can be worse than time-consuming to fix administrative errors, it can be very costly. Make sure you leave time in your schedule to review the forms, make sure they're correct and get them filed on time.”

Topics discussed in this episode include:

• Guidance on how to extend deadlines
• A breakdown of the different schedules and how they apply to 401(k) plans
• Tips for avoiding penalties and fees caused by inaccuracies on your Form 5500
• Instructions on how to work with a third-party service provider to keep the process moving forward

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“But I would caution you if an auditor is…half of all other ones… I would be a little bit suspicious of why are their costs so much less. Maybe they have a valid reason…but at the same time if they’re trying to get into something that they really don’t know what they’re doing, that’s one of the ways that’d be a red flag.” 

Topics discussed in this episode include:

• Questions to ask to verify a potential auditor’s qualifications
• The differences between billing and pricing methods used by auditing firms
• Resources to use to find a qualified auditor
• Deciding between a local auditor and a remote firm, plus the benefits and costs to both options

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/

“If it's a first-year audit, they usually take a little longer, as you can imagine. I get calls from people that this is a first audit and they say, ‘Can you do my audit tomorrow?’ I can start tomorrow, but I'm not going to finish it in a day. That's just not even possible. So you want to make sure that you talk to your auditor about timing.”

The information discussed in this episode includes:

• A walkthrough of the general layout of a first-time 401(k), from first steps to closing out an audit
• Important timing considerations to understand before beginning your audit to avoid costly delays
• How best to prepare necessary documents in time for the audit to maximize efficiency

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.