Audits of Employee Benefit Plans Subject to ERISA
Employee benefit plan audits are examined to help you understand the intricacies of EBP planning, reporting and compliance with applicable auditing standards.
Format
Webcast
NASBA Field of Study
Accounting
Level
Basic
CPE Credits
8.5
Instructor
Randy M. Dummer
Availability
Product Number
VAUEBP250514
Auditing employee benefit plans
Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers due to a history of noncompliance with applicable professional standards.
Through this course, you can gain the proper skills to perform EBP engagements effectively. You will learn about:
- The steps of an EBP audit
- Applicable professional standards
- ERISA and SEC requirements
Commonly audited plans
You will tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency for commonly audited types of plans, including:
- Defined contribution plans
- Health and welfare benefit plans
Applied learning
You will do a deep dive into EBP auditing by working through the plan audit process from engagement acceptance through the archive.
Example forms and reports will be examined to illustrate effective EBP engagements.
Key Topics
- 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 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.
Who Will Benefit
- Auditors of employee benefit plans
- Practitioners considering adding EBP audits as a service offering
- Accountants in business and industry responsible for company benefits
Group ordering for your team
2 to 5 registrants
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