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Employee Benefit Plan Sampling


 

Client:

McConnell & Jones LLP is a public accounting firm serving a broad section of industry, government and non-profit organizations. The team provides a full array of tax and assurance services that include audits, review examinations and compilations. The firm specializes in Employee Benefit Plan (EBP) audits, and performs more than 160 each year.

Challenge:

EBP audits require a manual process of sorting through hundreds or thousands of records and detailed transactional data to find ineligible participants. Auditors can spend countless hours verifying records and HR data to identify sample participants. McConnell & Jones wanted to find a solution to automate the process of selecting samples across multiple employee benefit plan (EBP) types to increase efficiency, reduce time and generate uniform output of data for further analysis.

Solution:

Audimation Services created a process that automatically queries and identifies ineligible participants based on employment dates and employee status parameters for all three plan types; Defined Contribution Pension Plans, Defined Benefit Pension Plans, and Health & Welfare Plans. It also automatically performs several data integrity checks such as verifying that all records in the census data appear in the clients HR data.  Users can opt to generate a sample of participants who have enrolled in all investment types to save additional time. Data is output into an Excel worksheet in a uniform fashion, providing a consistent approach to audits. Exceptions are noted for further analysis and testing. The built-in logic reduces hours of manual work. The process was turned into an Audimated App with dialog boxes to walk users through each step of the process for additional ease of use.

Results:

McConnell & Jones experienced immediate ROI and time savings as a result of using the App. The sample selection process, which once took 8 hours of manual effort, was reduced to 20 minutes, and improved the consistency and uniformity of outputs.

 


Automate Procedures , Success Story



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