Auditing Financial Statements of ERISA Plans

Overview

Conduct a compliant audit

Identify proper audit procedures to test the line items of the statement of net assets available for benefits, including investments.

Identify proper audit procedures to test the activity in the statement of changes in net assets available for benefits, including participant testing.

Plan investments

Differentiate plan investment procedures based upon the type of audit and risk assessment.

Identify types and classifications of common plan investments.

Identify audit procedures required for investment activity, contributions and benefit payment or withdrawals at the participant level.

GAAP presentation and disclosure

Understand GAAP requirements for presentation and disclosure for employee benefit plan financial statements.

Other audit considerations

Recognize procedures needed to determine the plan's tax status

Learn how to identify related parties, parties in interest, and prohibited transactions.

Recognize additional audit procedures needed for Form 11-K filers.

Highlights

Auditing the statement of net assets available for benefits

Types and classification of common plan investments

Plan investment audit procedures based upon type of audit and risk assessment

Auditing the statement of changes in net assets available for benefits

Audit procedures at the participant level required for investment gains (losses), contributions, and benefit payments or withdrawals

Presentation and disclosure requirements in accordance with GAAP

Audit considerations related to related parties, parties in interest and prohibited transactions, a plan's tax status and Form 5500, and Form 11-K filers, and related changes introduced by SAS No.136

Prerequisites

None

Designed For

Auditors of employee benefit plans, practitioners considering the addition of EBP audits as a service offering, and accountants in business and industry responsible for company benefits.

Objectives

Identify auditing procedures for the statement of net assets available for benefits and the statement of changes in net assets available for benefits.
Recognize the types and classification of common plan investments.
Distinguish plan investment audit procedures based upon type of audit and risk assessment.
Identify audit procedures at the participant level required for investment gains (losses), contributions, and benefit payments or withdrawals.
Recognize the presentation and disclosure requirements in accordance with GAAP.
Identify audit considerations for related parties, parties in interest, and prohibited transactions; a plan's tax status and Form 5500; Form 11-K filers; and related changes introduced by SAS No.136.

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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