Common Plan Errors and Internal Control Shortfalls

By |2021-07-28T12:55:59-05:00July 19th, 2021|Assurance, Change, Compliance, Internal Control|

  Employee retirement plans are a great benefit to provide to employees of your organization, but the requirements associated with them are very specific and numerous. Many plans fail to meet some of the requirements with design of the plan, or they make operational errors. Usually it’s just an oversight. Both of these can lead [...]

SAS 136: Significant Changes to Employee Benefit Plan Audits

By |2021-08-04T16:33:14-05:00June 7th, 2021|Assurance, Change, Compliance|

Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, will soon be effective for all employee benefit plans (EBPs) requiring an audit under the Employee Retirement Income Security Act of 1974 (ERISA). The new auditing standard is effective for years ending [...]

SECURE Act – How is Your Retirement Plan Affected?

By |2021-07-28T15:59:03-05:00May 24th, 2021|Compliance, COVID-19, Employment, Retirement, Saving|

  The SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law in December 2019 and contains many provisions that are designed to help Americans save more for retirement, begin saving for retirement, and use retirement funds responsibly. The SECURE Act was some of the most significant legislation affecting retirement plans in [...]

The 80–120 Participant Rule

By |2021-07-28T15:59:13-05:00April 26th, 2021|Assurance, Compliance, Retirement|

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. One of these requirements is that “large” plans undergo an annual audit. At first glance of the audit requirements, [...]

Understanding Your Retirement Plan Document and Fiduciary Duties

By |2020-01-16T15:20:09-06:00January 15th, 2020|Assurance, Compliance, Internal Control, Nonprofit, Retirement|

  As a retirement plan administrator or plan trustee, you are responsible for the management and successful operation of the retirement plan, in accordance with the plan document and the Employee Retirement Income Security Act (ERISA), on behalf of plan participants and beneficiaries. Therefore, in serving in these fiduciary roles, it is greatly important to [...]

How to Prepare for a Single Audit

By |2020-01-16T15:19:45-06:00January 15th, 2020|Assurance, Compliance, Internal Control, Nonprofit, Preparation|

  Does your organization receive federal funding? If the answer is yes, then you’ve probably heard of a “single audit.” A single audit is required when a non-federal entity expends $750,000 or more in federal awards during the fiscal year. If you are a recipient of federal funds and have exceeded this threshold, then you [...]

3 Alternative Engagements to an Audit

By |2019-12-09T13:12:09-06:00August 15th, 2019|Assurance, Board, Budget, Compliance, Nonprofit|

Last quarter, I discussed what an audit accomplishes and what it does not accomplish in my article titled “Do You Really Need An Audit?” In that article, I introduced the idea that an audit may not be right for every organization, especially if resources are tight, as audits can be costly. Below, I discuss [...]

Have You Thought About a Liquidity Policy?

By |2019-12-09T13:20:10-06:00August 14th, 2019|Assurance, Board, Change, Compliance, Nonprofit|

New Accounting Standard Update (ASU) 2016-14 The Financial Accounting Standards Board (FASB) issues these new standards. This new standard affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) and is effective for fiscal years beginning after December 15, 2017 (Calendar Year 2018 or Fiscal Year 2019). ASU 2016-14 [...]

The Time is Now… Financial Statement Presentation Changes are Here!

By |2019-05-22T10:02:27-05:00February 27th, 2019|Accounting, Board, Change, Compliance, Internal Control, Nonprofit|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?”, we provided an overview of the changes for nonprofit financial statements. Now we will take a closer look at the new net asset presentation and disclosures your organization will face, beginning with your December 31, 2018 financial statements. If you missed our previous [...]

Do You Really Need An Audit?

By |2019-12-09T13:24:12-06:00February 6th, 2019|Assurance, Board, Compliance, Internal Control, Nonprofit|

For those of you that go through an audit each year, you know how costly and time consuming they can be. You may have wondered, “Do I really need an audit? Is there something else that I can do to satisfy my financial reporting requirements?” To accurately answer those questions, you first need to [...]

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