Audits of Employee Benefit Plans Subject to ERISA

Are you auditing employee benefit plans?

Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers due to history of noncompliance with applicable professional standards. Auditors require proper skills to perform EBP engagements effectively. You will work through the plan audit process from engagement acceptance through the archive. Because these are the most common types of plans audited, you will take a deep dive into defined contribution plans to comply not only with professional standards, but also with ERISA and SEC requirements. You will also obtain an awareness of additional considerations when auditing defined benefit pension plans and health and welfare benefit plans. Tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency.

This course provides CPE credit in the Auditing (11.5) and Accounting (1) fields of study.

Who Will Benefit

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.

Key Topics

• GAAP vs. ERISA reporting requirements
• Audit planning and pre-engagement activities
• 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

Learning Outcomes

• Recognize accounting and auditing requirements for a compliant audit of EBPs.
• Identify appropriate audit procedures to plan, perform and report on EBP financial statements.
• Recognize new auditing, accounting, and regulatory developments impacting EBP audits, including SAS No. 136.