Show navigation

Live Webinar

100-minute live streaming program
  • October 21
  • 1:00 - 2:40 pm EST

Surviving a Retirement Plan Audit: Techniques and Tips for Efficient and Successful Audit Response and Outcomes

October 21

Learn the various types of audits for a retirement plan and how to respond to an audit when necessary.

Third-party administrators (TPAs) of retirement plans often market their services by describing them as “turn-key.” Sponsors are therefore led to believe that they can purchase a retirement plan, enroll their eligible employees, and leave the remaining obligations of plan administration to the TPA and asset custodian. The reality is, however, that the tax and fiduciary requirements of retirement plan operation cannot be delegated completely away. When errors arise, it is, inevitably, the plan sponsor that must conduct due diligence, respond to a plan audit, correct any operational or other plan errors, and pay any required sanction or excise tax that is imposed because errors have occurred.

Learn about the various types of audits that are required to be conducted internally or which may be opened in connection with plan administration. You will be given tools that will allow you to efficiently respond to an audit, whether initiated internally or externally. The information will teach those areas in which plan operational failures most often occur and demonstrate how internal controls will prevent the failures or allow them to be corrected before formal submission to the DOL or IRS is required. Finally, you will come away with tools that assist you in response to and management of government agency audits.

Learning Objectives

  • You will be able to describe what kind of internal controls are needed in plan administration and how to implement them.
  • You will be able to discuss strategies that will allow you to be prepared for an audit and be able to easily and efficiently respond.
  • You will be able to explain the plan sponsor’s obligations in plan administration and create a program that fulfills these obligations.
  • You will be able to recognize where in your plan’s administration you have a need to implement better internal controls that will help you avoid operational failures.

Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Types of Plan Audits and the Goals of Each
  • Internal Audits
  • External or Agency Drive Audits
  • Merger and Acquisition Due Diligence
Identifying When an Independent Financial Audit or Fiduciary Audit Is Needed
  • Regulatory Guidance on Independent Financial Audits
  • Regulatory Guidance on Audits to Fulfill Fiduciary Duties
Most Common Operational and Fiduciary Errors and How They Happen
  • Common Errors Involving Tax Qualification
  • Common Errors Which Result in a Breach of Fiduciary Duty
  • Prohibited Transactions and Errors Which Give Rise to Excise Tax Liability
Internal Controls and Protocols for Correction When Controls Fail
  • Why Internal Controls Are Needed
  • Responding to a Failure in an Internal Control
  • Types of Failures and Protocols for Correction of Plan Failures (Demographic, Plan Document or Operational)
DOL and IRS Audits: Management of Agency Audits
  • Best Responses to the Howdy Letter
  • Taking Control of the Audit Process
  • Techniques That Get You to the Best Outcome
Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • CPE 2.0 including Management Services 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Management Services for 2.0 hours. Prerequisite: basic knowledge of general accounting. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CPAs, CEOs, presidents, vice presidents, CFOs, controllers, business owners and managers, bookkeepers, tax preparers, auditors, and enrolled agents.

Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kathleen R. Barrow

Kathleen R. Barrow

Fox Rothschild LLP

  • Partner at Fox Rothschild LLP
  • Has nearly three decades of experience helping employers correct tax and fiduciary issues with payroll, executive compensation and employee benefits
  • Her national practice includes strategic assistance with ERISA matters, compliance programs and corrections of documentation and operational errors
  • Has a keen understanding of how and when to work with state and federal agencies, which contributes to her successful resolutions of tax issues with the U.S. Treasury and state and local tax authorities
  • Even with matters that involve millions of dollars in payroll and income taxes, her focus is to find solutions that mitigate burdens on impacted employees and avoid requirements to amend their personal tax returns
  • Clients include employers across a range of industries, nonprofit organizations, health care providers and school districts
  • Has handled cases that involve the U.S. Treasury Office of Tax Policy; the Department of Labor, Employee Benefit Security Administration; massive payroll corrections involving thousands of employees; and has led representation before the U.S. Tax Court, various U.S. District Courts and Courts of Appeals throughout the country
  • J.D. degree, with honors, University of Oklahoma College of Law; B.S. degree, with high honors, Nazareth College; M.B.A. degree, with high honors, Oklahoma City University
Purchase Options

More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 407123
Published 2020
Purchase Options

Register today before this event fills.