Your responsibility for quality single audits

Beginning with the Single Audit Act Amendments of 1996, the Office of Management and Budget (OMB) took a leading role in single audits. Single audits are required of any organization who expends more than $500,000 in federal assistance during the year. In June 2007 the President’s Council on Integrity & Efficiency (PCIE) issued a report …

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More changes coming to form 990

The 990 is an annual informational reporting return that nearly all not-for-profit organizations must file with the IRS on an annual basis. It provides various information on the filing organization’s mission, programs, and finances. The 990 received a serious overhaul by the IRS a few years ago, and they’re still making changes to this day. …

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Reviewing 401k Loan Requests for Compliance

During audits of 401(k) plans, one of the most common internal control deficiencies we communicate to management is when the plan sponsor relies on a third party administrator to make sure that loan requests are in compliance with federal regulations and the plan document.  The plan sponsor always maintains fiduciary responsibility with compliance on loans …

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401(k) Abuses

As a fiduciary to a 401(k) plan or even as a participant in your company’s 401(k) plan, there are some warning signs you can watch for when it comes to how the Company is handling their 401(k) fiduciary responsibilities including contributions.  The Department of Labor has seen many instances of fraud within 401(k) plans including …

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401(k) and 403(b) Plans to Disclose Fees Charged to Participants

If you’re like most people, it’s not easy to determine exactly how much you’re being charged for your employee benefit plan fees.  Some expenses are disclosed on your statement, but some are not.  Instead, they’re deducted from earnings, and only the net earnings amount is shown.  New rules issued by the DOL last week will …

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Importance of an Audit Committee

It is a known fact that audit committees are an essential component in corporate governance.  The public has been increasingly focused on oversight and governance issues since the Enron scandal.  However these issues aren’t just for the “for-profit” industry.  It is becoming more and more of an issue for the not-for-profit world.  Since the re-vamp …

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What Does One Look for When Reviewing A SAS 70 Report?

When one receives a third party administrator’s SAS 70 report, there are a few things he or she should know about the information that is being provided to them in order to gain the maximum benefit from reviewing the report. There are two types of service auditor’s reports. The two types of reports provided in …

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