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 to the financial statements and tax-qualified status of the plan.  Attendees will understand 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 and to help guide the client to ensure that necessary corrections will be made to bring the plan back into compliance and the tax-qualified status of the plan will not be jeopardized.  

Learning Objectives:

• Attendees will gain an understanding of correction methods of common errors uncovered in an audit.
• Attendees will gain an understanding of 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.