Benefit Plan Audit by Infomercial

“Set it and forget it!” A familiar phrase made popular back in the 1980s thanks to an infomercial that praised the features of rotisserie ovens, but one that’s being applied today as something of a way of life. From home to work in this automated age, the option to “set it and forget it” can be found throughout daily tasks: set the Roomba, forget it; set the recurring credit card payment, forget it; set the Outlook meeting invite, forget it; set the benefit plan audit, forget it. Wait … set the audit and forget it? Not so fast!

While participants in a benefit plan may have the option to live the good life by setting their benefit elections and – in the words of Kanye West – “watch the money pile up,” plan administrators and financial overseers should pay close attention to the details when maintaining an effective plan. A key instrument in the administrator’s toolbox to aid that effort is an audit.

While audits are required for various regulatory reasons, the benefits of the process usually go beyond the typical compliance of filing the Form 5500. An audit can help, for instance, evaluate plan health and aid administrative performance by providing recommendations, including flagging potential problems or identifying cybersecurity risks and helping to implement solutions to mitigate risk. Plus, from an economic perspective, an audit helps provide a checkup on the financial integrity of plan assets and can ultimately help identify ways to reduce expense.

So don’t just “set it and forget it.” Set your date with Schneider Downs to discuss all your benefit plan audit needs today!

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2024 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
Audit BY Erin Puko-Wilking
2024 Audit Plan Hot Spots
Cap Table Basics for Startup Companies
Potential Accounting Changes for Environmental Credits
2024 Cost-of-Living Adjustments for Retirement Plans and IRAs
PCAOB’s New Standard Enhances Auditors’ Use of Confirmations
Single Audit Reporting Reminders
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.