Description
Learn how to prevent common problems and how to interact with the government in addressing those problems on audit.
The Department of Labor and the Internal Revenue Service are each responsible for overseeing the regulation and auditing of employee benefits plans, and both continue to ramp up investigations in recent years. Plan sponsors and fiduciaries need to be prepared to implement best practices to avoid issues raised on audit and also need to be prepared to implement a strategy to navigate potential audits of their benefits plans. This presentation will help plan sponsors and fiduciaries understand the audit process implemented by both the Department of Labor and the Internal Revenue Service, offer pointers on how to work with investigators, and discuss strategies on how to utilize internal controls and correction programs to address issues before they are raised on audit. This presentation is critical for any employer to understand how to prevent common problems and interact with the government in addressing those problems on audit.
Date: 2023-08-25 Start Time: 1:00 PM ET End Time: 2:30 PM ET
Learning Objectives
* You will be able to explain the audit processes implemented by both the DOL and IRS.
* You will be able to identify common errors raised by DOL and IRS on audits.
* You will be able to recognize red flags that may lead to government attention.
* You will be able to review plan documents and processes with best practices in mind to avoid potential audits.