This session will discuss several of the more common operational errors that occur during the administration of qualified benefit plans and will cover auditor responsibilities, financial statement impacts, and, at a high-level, available correction methods under the IRS or DOL correction programs. Additionally, the communication of these matters that are required with plan management will be covered. In total, the session will cover all of the impacts of an operation error including both the audit and tax impacts.
Distinguish what constitutes an operational error
Recognize common operational errors and possible correction methods
Recognize auditor responsibilities including communication of errors