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EXCERPT FROM ARTICLE…
Let’s face it: Humans make mistakes. Basketball player and coach John Wooden said, “If you’re not making mistakes, then you’re not doing anything.” Controls at the level of the plan sponsor and its service providers help prevent mistakes in plan administration, help prevent fraud within the plan, and help the plan stay in compliance with laws and regulations. With strong controls in place, plan errors and fraud are less likely to take place. However, even with strong controls in place, mistakes can happen. How can a plan sponsor find and fix these mistakes before the Internal Revenue Service or Department of Labor find them on an audit? The answer is to conduct an internal self-audit ever year. In this article, I will discuss the benefits of conducting a self-audit high-risk areas to focus on, and provide some first steps to get you started.