Mastering Retirement Plan Audits: Compliance

Overview

As the liquidating trustee, Jeremiah Foster and Resolute were responsible for the dissolution of Shoot the Moon, a restaurant group operating across three states with fifteen franchises. Through forensic accounting, they identified various financial irregularities over a five-year period, including a kiting scheme, a Ponzi scheme, and merchant cash advance lending activities. In this case study, Mr. Foster will detail the process, his role, and the fiduciary duties of a trustee, providing valuable insights into the complexities of managing such a significant financial undertaking. This session was recorded on March 20, 2024 at the 2024 Fraud & Forensic Accounting Virtual Conference.

Highlights

• emerging technology trends
• automation for accountants
• internal controls
• audit report writing
• artificial intelligence in accounting

Objectives

• Identify key regulatory changes by the Department of Labor (DOL), including updated participant thresholds and the 80 — 120 rule, that determine when a retirement plan audit is required.
• Recognize common audit deficiencies, such as inaccurate contributions, vesting errors, and forfeiture mismanagement, and develop proactive strategies to address them.
• Understand best practices for preparing for an audit, including reconciling census data, maintaining accurate documentation, and ensuring compliance with plan provisions.
• Determine criteria for selecting a qualified auditor, emphasizing expertise, audit quality, and alignment with the specific needs of the retirement plan.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.