Topics discussed in this episode include:

• What to ask a potential audit firm
• The federal communications to look out for and what to do when they arrive
• How to determine if an audit firm is the right fit for you
• Tactics to prevent future late filings

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:

• Different types of controls and their various uses
• Why it’s important to layer multiple controls
• How poor internal controls can negatively impact your 401(k) audit
• The most common compensation issues auditors come across

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:

• 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.