Jennifer Giannini: The Annual Plan Financial Audit and Internal Controls

Jennifer Giannini brings more than 30 years of experience leading independent audit engagements for corporate clients across a wide range of industries. Throughout her career, she has developed deep expertise in employee benefit plan audits, making this a primary focus area. After many years of working at Baker Tilly, a national CPA firm, Jennifer recently joined LJB CPA to lead the firm’s audit practice. Passionate about building strong client relationships, Jennifer returned to a smaller firm to work more closely with clients and deliver a personalized, value-added experience. Her experience at both mid-sized and national firms gives her a unique ability to tailor services to meet each client’s specific needs and complexities. In her years of auditing employee benefit plans, she has pretty much seen just about everything- and enjoys helping plan sponsors navigate the tough issues that keep them up at night.      In this episode, Eric and Jennifer Giannini discuss:Protecting participants through disciplined plan auditsMaking audit readiness a year-round responsibilityOwning fiduciary controls that cannot be outsourcedAvoiding costly errors through informed governanceKey Takeaways:Plan audits protect participant assets and confirm the plan follows its governing documents. They ensure contributions, matches, distributions, and eligibility are applied consistently. They also help identify fraud or embezzlement risks early.Audits run smoothly when preparation happens throughout the year. Developing processes that represent a living checklist keeps documentation complete. Retaining internal records prevents gaps that auditors will flag.Some fiduciary duties remain with the plan sponsor at all times. Regular reconciliations and documented committee oversight demonstrate prudence. Simple tracking helps surface issues before they escalate.Operational errors often stem from payroll misalignment with plan terms. Early engagement with experienced ERISA auditors reduces surprises. Committees must weigh cost, complexity, and fiduciary risk together.“The early bird always gets the worm. The earlier you start that process with your auditor, the better.” - Jennifer GianniniConnect with Jennifer Giannini:Website: https://ljbcpa.com LinkedIn: linkedin.com/in/jennifer-giannini-875071a Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: [email protected] LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to change.It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.