Quality of earnings report vs. an audit report

What is the difference between a financial statement audit and a financial due diligence (aka quality of earnings report)?  In general terms, an audit report provides assurance to the public that a company’s financial statements are not materially misstated while a financial due diligence performs analytical procedures to gain a deeper understanding of the economic …

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What Does it Mean if Your Form 5500 is Late?

As the October 15th deadline looms closer, many of our clients are asking the question; “What does it mean if our Form 5500 is late?”  If you haven’t looked into this question before, you will be surprised at the substantial penalties that can be assessed.  The DOL takes failure to file return/reports very seriously.  Below …

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DOL Formal Notices of Rejection: What to Expect if You Receive One

Formal Notice of Rejection (NOR) letters were recently sent by the Department of Labor (DOL) to over 300 plan administrators for failing to attach an audit report to their 2008 Form 5500. Currently, these notices were sent to plans deemed to be large based on the size of the plan’s assets. A second round of …

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