Audits of Employee Benefit Plans Subject to ERISA

Overview

Employee Benefit Plan (EBP) audit engagements remain under close examination by regulators and peer reviewers, stemming from a historical pattern of noncompliance with applicable professional standards. It is imperative that auditors possess the requisite skills to carry out EBP engagements with proficiency. This involves navigating the audit process from the initial engagement acceptance through to reporting and completion. Given that 401(k) plans represent the predominant plan type subjected to audits, we engage in a comprehensive examination of these plans. Discover strategies to meticulously plan and execute risk-based plan audits, ensuring adherence to professional standards without compromising on efficiency.

Highlights

GAAP vs. ERISA reporting requirements

Audit planning

Risk assessment, including consideration of internal control

Auditing the statement of net assets available for benefits

Auditing the statement of changes in net assets available for benefits

Other auditing considerations, including prohibited transactions and tax compliance

The auditor's report

Financial statement disclosures

Supplemental schedules

Prerequisites

None

Designed For

Auditors of employee benefit plans

Practitioners considering adding EBP audits as a service offering

Accountants in business and industry responsible for company benefits

Objectives

Recognize key terms and definitions related to ERISA plans.
Identify the different types of employee benefit plans (EBPs).
Recognize operational and compliance elements of ERISA plans.
Identify the basic financial statements for all ERISA plans.
Recognize differences between GAAP and ERISA reporting.
Identify the risks of material misstatement related to financial statement line items on the statements of net assets available for benefits.
Recognize audit procedures commonly performed in a defined contribution retirement plan (DC plan) audit, including notes receivable from plan participants.
Identify audit requirements when using the work of a specialist.

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by AICPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Randy Dummer

Leader Bios

Randy Dummer

Randy Dummer, a quality control partner at HHM since 2011, leads various firm initiatives including peer review practices and employee benefit plan audits. With expertise spanning multiple industries like auto dealerships and nonprofits, Randy is a nationally recognized specialist in employee benefit plan audits. He's earned the AICPA Outstanding Discussion Leader Award eight times and regularly teaches on topics such as audits of 401(k) plans. He's a speaker at conferences like the AICPA Employee Benefit Plan National Conference, and he contributes to peer review committees, enhancing the quality of accounting services. Randy is an approved ERISA audit specialist for the AICPA enhanced oversight project.

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