The 401(k) Audit CPA Success Show

Topics discussed in this episode include:Key upcoming provisions and their effective datesStrategies for evaluating and implementing plan changesWhy documentation is so important for complianceHow to prepare for plan amendments by the end of 2026Education and communication strategies for plan participantsEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:Practical tips to avoid common errors in census preparation What steps to take if a test is failedHow to correct for plan administration errors Best practices for maintaining documentationEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:What to ask a potential audit firmThe federal communications to look out for and what to do when they arriveHow to determine if an audit firm is the right fit for youTactics to prevent future late filingsEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:Different types of controls and their various usesWhy it’s important to layer multiple controlsHow poor internal controls can negatively impact your 401(k) auditThe most common compensation issues auditors come acrossEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:The pitfalls of customization options in payroll software and modules such as QuickBooksWhy it’s important to keep documents clearly organizedHow delays with documents can result in late filingsWhat is AuditMiner and how 401(k) auditors are able to use itEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:A breakdown of the schedules you could encounter and their impact on your auditWhy you should always promptly answer any requests from your auditorWhat to include, and what to exclude, when filing your Form 5500Key tips to avoid difficulties while using the EFAST systemEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:How SAS 143 and SAS 145 can impact your 401(k) plan audit.The considerations you need to take with your IT environment, even if either your plan or your IT work is managed by a third-party.The consequences of changes to Form 5500 and why this change especially matters for companies hovering around the 100-participant threshold. Episode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:Top takeaways from the Audit Quality StudyWhich sections of an EBP audit have the highest rates of errorsThe questions to ask your audit firm to determine whether they have the experience your business needsEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ Topics discussed in this episode include:Tips on defining roles within your 401(k) plan to promote more cohesionThe importance of access reviews and why access levels are an equally important part of the discussionBenefits of a compliance calendar, plus tips to create one that helps you meet deadlines and improve processesWhy hiring an investment advisor could help improve participant satisfaction and be a part of your due diligenceEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “We always say that you can outsource the responsibility, but you can't outsource accountability. And you as the fiduciary are responsible. Even though you have hired this third party and you have a contract and everything else, you're still ultimately responsible for whatever happens. So, if something goes wrong and the money gets dispersed to the wrong person, you could be held liable.”Topics discussed in this episode include:How failure to comply with ERISA, DOL or IRS compliance guidelines can result in hefty fines, legal action and even jail time for plan fiduciariesThe importance of obtaining a fidelity bond, also known as an ERISA bond, even if a third-party administrator says it’s not necessaryDiscrimination testing best practices to ensure timely compliance so you can avoid paying excise taxesWhy plan sponsors and administrators should regularly review plan distributions Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “[Cybersecurity protection] is not something in passing that [the Department of Labor is] involved in, not something that once a breach occurs, now they're gonna get involved. They're trying to be more preventative. We're trying to get the information out to all of our clients, as well as anyone listening here: this is something you need to pay attention to.”Topics discussed in this episode include:Plan sponsors have a fiduciary duty to ensure the safety of participants’ assets from fraud, even if the funds are managed by a service providerThe Department of Labor may ask about your company’s cybersecurity protections during unrelated visits to test your readinessDocumenting proactive, annual risk assessments and quarterly or monthly control reviews is a critical way to provide proof of good-faith effort to keep your plan and participants protectedERISA bonds will not cover a fraud situation, so invest in an insurance plan to keep your plan and your company covered in case of a breach.Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.Discover how Anders Technology Groupworks with your organization to protect against cyber threats.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “It can be worse than time-consuming to fix administrative errors, it can be very costly. Make sure you leave time in your schedule to review the forms, make sure they're correct and get them filed on time.”Topics discussed in this episode include:Guidance on how to extend deadlinesA breakdown of the different schedules and how they apply to 401(k) plansTips for avoiding penalties and fees caused by inaccuracies on your Form 5500Instructions on how to work with a third-party service provider to keep the process moving forwardEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “But I would caution you if an auditor is…half of all other ones… I would be a little bit suspicious of why are their costs so much less. Maybe they have a valid reason…but at the same time if they’re trying to get into something that they really don’t know what they’re doing, that’s one of the ways that’d be a red flag.” Topics discussed in this episode include:Questions to ask to verify a potential auditor’s qualificationsThe differences between billing and pricing methods used by auditing firmsResources to use to find a qualified auditorDeciding between a local auditor and a remote firm, plus the benefits and costs to both optionsEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/“If it's a first-year audit, they usually take a little longer, as you can imagine. I get calls from people that this is a first audit and they say, ‘Can you do my audit tomorrow?’ I can start tomorrow, but I'm not going to finish it in a day. That's just not even possible. So you want to make sure that you talk to your auditor about timing.”The information discussed in this episode includes:A walkthrough of the general layout of a first-time 401(k), from first steps to closing out an auditImportant timing considerations to understand before beginning your audit to avoid costly delaysHow best to prepare necessary documents in time for the audit to maximize efficiencyEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “Getting that [third-party administrator] questionnaire turned around quickly is really important, as well as if the provider's asking you for some type of year-end payroll report, a census, those are terms we see a lot. That is going to get folded into the discrimination testing that your service provider's going to do, and that's very important that that gets done, that it's accurate and that it's timely.”Topics discussed in this episode include:How auto-enrollment can drive high plan participation and lower your organization’s risk of failing discrimination testingWhat triggers the need for your first 401(k) audit and details to help you prepareWhy “compliance calendars” are absolutely critical to run a plan as smoothly as possible despite how overwhelming it may initially feelEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “If you delay getting us the information and there's a problem, it can't get resolved. More than likely, your audit is going to be late just because we've got others to work on. It's just the way it is. You have the fiduciary responsibility over the plan. So anything you can do to help us figure out those problems is going to be greatly appreciated by your auditor, but will also save you a lot of time and help you to file on time.”The finer details in this episode:Tips and tricks to speed up the audit processImportance of working with an auditor on missing paperworkThe role of a third-party provider on the audit process

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "It does have some pretty big implications for those of you that either are a 401k plan participant or if you are the planned sponsor of a 401k plan, we wanted to kind of keep you updated so this doesn't hit you as a surprise because we do believe it's going to become law. It's just a matter of when and exactly what's included in the bill" - Kim Moore The finer details in this episode:Secure Act 2.0 major provisions and their implications explainedQualifications and requirements that participants and plan sponsors need to knowWhat does this mean for younger professionals? for part-time employees? for employers?Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "We're very excited about the possibilities...the joint marketing, the results of that, how that plays into the rules going forward, and the way that impacts our interactions with clients and prospects going forward are some of the really exciting parts of the combination." - Mark HensonIn this episode, Kim Moore and Mark Henson discuss the merger of Summit CPA Group with Anders CPAs + Advisors, a Top 100 St. Louis-based CPA and advisory firm. For more details on the merger, visit: https://anderscpa.com/anders-and-summit-cpa-group-to-merge/The finer details in this episode:What does it mean for Summit CPA's audit team now that Anders and Summit is merging?What are the differences and similarities of the services that Anders and Summit provide?How does this merger impact operations, marketing, and client management?Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "I always describe the, the audit timeline as an airplane on a runway. You know, it takes so much runway to get the airplane off the ground and into the air. Depending on the size of the airplane and how much cargo it is carrying and everything else. You only got so much runway and as you get to the end, the airplane is probably gonna either not take off or crash if you leave it too long." Kim Moore The finer details in this episode:What you should do to communicate and build better relationships with your 401k auditorImportant documentation to prepare and important discussions to haveWhat to expect to avoid miscommunicationEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "We listened to our customers. AuditMiner is so customer-lead. We don't develop a feature unless it's been requested by a customer and we get the customer feedback the whole time." Kelly Mann The finer details in this episode:How AuditMiner came to be? What are the benefits of using AuditMiner?How listening to clients helped in improvements and updatesHow much time savings do clients get when using AuditMiner?Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.