Surviving Your Employee Benefit Plan Audit Symposium with Jacqueline A. Oneto, CPA
Join Jacqueline A. Oneto, CPA at the GWSCPA Not-For-Profit Symposium to learn about employee benefit plan audit requirements, common findings, filing procedures, and more. Understand small vs. large plan audits, ERISA regulations, and Form 5500 filing based on participants. Gain insights to navigate your benefit plan audit successfully.
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Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Surviving Your Benefit Plan Audit: GWSCPA Not-For-Profit Organization Symposium Jacqueline A. Oneto, CPA Director/Shareholder December 14, 2010 1
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Jacqueline A. Oneto, CPA Shareholder/Director, Gelman, Rosenberg & Freedman, CPAs 16 years of experience in auditing and accounting Specializes in employee benefit plans audits, including 401(k), 401(a), 403(b), profit-sharing, pension and health and welfare plans Member of: AICPA s Government Audit Quality Center AICPA s Employee Benefit Plan Audit Quality Center Greater Washington Society of CPAs Maryland Association of CPAs Jacqueline A. Oneto, CPA 2
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Agenda Employee benefit plan audit requirements Auditor s responsibilities vs. Employer s responsibilities Common audit findings Filing your 5500 and audit wrap-up Conclusion Jacqueline A. Oneto, CPA 3
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Employee Benefit Plan Audit Requirements Is your plan subject to audit? Small plan or large plan Audit requirements for employee benefit plans 100 or more participants (audit required under ERISA) 80/120 rule [DOL 29 CFR 2520.102-1(d)] Definition of participant as defined by ERISA Sec. 3(7) Jacqueline A. Oneto, CPA 4
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Last year you filed a 5500 SF File Form 5500 SF Does not require audit report < 100 participants Can elect to file Form 5500 SF Does not require audit report 100 120 participants Must file Form 5500 Schedule H Requires audit report > 120 participants Jacqueline Oneto, CPA 5
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Last year you filed a 5500 Schedule H File Form 5500 SF Does not require audit report <100 participants Must file Form 5500 Schedule H Requires audit report >100 participants Jacqueline A. Oneto, CPA 6
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Employee Benefit Plan Audit Requirements Audit requirements for employee benefit plans (continued) 403b plans (safe harbor; DOL transitional relief) DOL 29 CFR 2510.3-2(f) DOL FAB 2009-02 DOL FAB 2010, 01 Full-scope vs. DOL Limited-scope audits DOL 29 CFR 2520.103-8 First-time audits special consideration Employer s responsibilities Jacqueline A. Oneto, CPA 7
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Understanding the Employee Benefit Plan Audit What is the purpose of a plan audit? What is the audit designed to accomplish and what are the auditor s responsibilities? Audit of plan financial statements, not audit of compliance Jacqueline Oneto, CPA 8
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Understanding the Employee Benefit Plan Audit What is your auditor looking for? The PBC list (see hand-out) Jacqueline Oneto, CPA 9
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Common Audit Findings Timeliness of employee deferrals Late payments of employee contributions and loan repayments DOL Sec. 2510.3-102 Compliance with plan document Correct calculation of employer-matching and discretionary contributions Definition of compensation Eligibility requirements Jacqueline A. Oneto, CPA 10
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Common Audit Findings Non-discrimination testing Late filing of Form 5500 HR and finance departments Involvement in audit and plan oversight Payroll errors Jacqueline A. Oneto, CPA 11
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Final Steps Final steps and filing your 5500 EFAST 2 Form 5500 and attachments now available to public within 48 hours So you have an audit finding, now what? How your auditor reports findings What your options are: self-correct, VFCP, DFVCP Voluntary correction programs Jacqueline A. Oneto, CPA 12
Surviving Your Employee Benefit Plan Audit GWSCPA Not-For-Profit Symposium Questions & Answers Jacqueline A. Oneto, CPA 4550 Montgomery Avenue, Suite 650N Bethesda, MD 20814 E-mail: joneto@grfcpa.com Phone: (301) 951 - 9090 Jacqueline A. Oneto, CPA 13
