An organization, that sets up a retirement plan for the benefit of the organization’s employees.
Who is the Plan Sponsor
100
Example of an investment that is actively traded
What is a mutual fund, ETF, common stock etc
100
A supplemental schedule that is attached to ERISA plan financial statements
What is the Schedule of Assets Held at End of Year OR Schedule of Delinquent Contributions OR Schedule of Reportable Transactions ETC
100
Distributions, loans and rollovers over this dollar threshold must be tested
What is tolerable misstatement
100
Andy Dufresne, accountant, chiseled through the prison walls and exposed a corrupt prison warden as he fleed to Zihuatanejo, Mexico in this 1995 Best Picture Nominee.
What is Shawshank Redemption
200
The person(s) with responsibility for overseeing the Plan. This includes overseeing the financial reporting process.
Who is the Person Charged with Governance
200
An investment that is actively traded throughout the day and will have a range of prices on each trade day.
What is a ETF
200
The person(s) who are responsible for determining whether a limited scope audit will be performed
Who is Plan management
200
The governing document which outlines Plan provisions
What is the adoption agreement or plan document
200
In the movie, The Accountant, Christian Wolff (Ben Affleck), uses this small town CPA office as his cover as he makes a living as a forensic accountant for dangerous criminal organizations.
What is ZZZ Accounting
300
The government agency responsible for ensuring the proper treatment of employees. They are the primary overseer of audits and auditor quality in ERISA's regulatory environment.
Who is the DOL
300
A debt security that has a maturity date
What is a bond
300
An entity who is able to provide an acceptable certification
What is a bank, trust company, or insurance carrier which is regulated and supervised and subject to period examination by a federal or state agency
300
An in-service distribution due to an immediate and heavy financial need.
What is a hardship distribution
300
The TV series where Kevin, of the accounting department, makes "Kevin's famous Chili". Hint: Unions is the secret ingredient.
What is The Office
400
The independent firm hired to opine on the financial statements of the benefit plan
Who is the Auditor, Us!
400
An investment offered by an insurance company that pools other investments
What is a pooled separate account
400
A basic set of defined contribution employee benefit plan financials includes these statements
What is the Statement of Net Assets Available for Plan Benefits and the Statement of Changes in Net Assets Available for Plan Benefits
400
Name for certain post-tax participant contributions
What is a Roth contribution
400
This corporate accounting scandal led to the demise of Arthur Andersen, LLP which was formerly one of the biggest accounting firms in the world.
What is Enron
500
The entity who physically holds the assets in a retirement plan.
Who is the Custodian
500
An investment that is governed by a contract between the plan and insurance company
What is a Guaranteed Investment Contract
500
The area covered by a limited scope certification and EXCLUDED in the scope of testing for a limited scope audit
What is the investment information
500
Refer to this planning questionnaire for more information on design of client controls and processes.
What is the systems document (P.10)
500
This famous musician, was studying business and accounting, before withdrawing from the London School of Economics. He can't get no satisfaction studying accounting.