2021 Retirement Plan Limitations
On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2021 (IRS Notice 2020-79). ...
In late April, the AICPA published non-authoritative guidance to assist service auditors as they prepare for and perform SOC examinations in the wake of the COVID-19 outbreak. The guidance can also be applied by service organizations that are undergoing or planning for a SOC exam in the wake of the pandemic, which has certainly altered how most companies conduct business.
Consider how COVID-19 has affected how you provide services, the systems you have in place, and your controls around these items. Your service auditors will inquire as to how these items have changed and, where controls are involved, test to ensure that they’re still designed and operating effectively. Note: one such change may be that key personnel were laid off or furloughed. It’s important to understand how loss of key personnel may have affected how your controls operate.
If you have any questions on how to handle these or any other COVID-19 considerations in preparation for your SOC examination, feel free to reach out to the team at Schneider Downs.
Please visit our Coronavirus Resource Center for related content.
On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2021 (IRS Notice 2020-79). ...
Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus ...
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