The 401(k) Audit CPA Success Show Summit CPA Group , Anders CPAs + Advisors

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.