The 401(k) Audit CPA Success Show

Aug 26 2024 41 ep. 32 mins 10
The 401(k) Audit CPA Success Show Podcast artwork

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.

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

Aug 26 2024 36 mins  
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 mainta

Key Steps to Successfully Finalize Your 401(k) Audit

Jul 01 2024 42 mins  
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 n

What to Ask Your 401(k) Auditor About New 2023 Audit Process Requirements

May 20 2024 28 mins  
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 abou

Lessons Learned from the Department of Labor Audit Quality Study

Apr 01 2024 46 mins  
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

7 Tips to Become a Proactive Plan Administrator

Jan 31 2024 38 mins  
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 approac

Keeping up with 401(k) Compliance Requirements

Oct 01 2023 49 mins  
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 mista

Is Your 401(k) Plan Protected from Cyber Threats?

Jun 28 2023 38 mins  
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 contro

Filing Form 5500 – Tips and Tricks 401(k) Plan Sponsors Must Know

May 17 2023 42 mins  
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 Ass

So You Just Found Out You Need A 401(k) Plan Audit, What's Next?

Feb 10 2023 37 mins  
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 ta

Key Tips to Keep Your First 401(k) Plan Audit on Track

Dec 11 2022 32 mins  
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 orga