AAR2509. You Have an ERROR Now What? - Understanding the Impact of Retirement Plan Corrections

You have uncovered an error in the audit of your retirement plan client. Documenting that an error occurred and moving on will not satisfy auditing standards. An auditor needs to understand the impact of the error on the financial statements and tax-qualified status of the plan. Session attendees will learn about common errors identified in a retirement plan audit and how to address the impact on the financial statements. Additionally, the presenters will go through the correction methods available to plan sponsors so that attendees can feel confident in assessing the impact of the error on the financial statements. Attendees will also learn strategies to help guide clients to ensure that necessary corrections will be made to bring the plan back into compliance so that the tax-qualified status of the plan will not be jeopardized.

Learning Objectives:

• Analyze correction methods of common errors uncovered in an audit.
• Identify how to address the impact of an error on the audit and how to guide a plan sponsor to help with necessary corrections of the error.