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Form 5500 considerations for auditors
Audit & Assurance
Webcast

Form 5500 considerations for auditors

Learn how Form 5500 and related schedules may help you better understand the plan under audit and to assess whether information in the plan’s financial statements is correctly reported.

Do you have an AICPA or CIMA membership? Log in to apply your member discount.

Format

Webcast

Level

Basic

CPE Credits

2

Instructor

Renee Cahill, Lynne McMennamin, Doug Bertossi

Availability

3 months

Product Number

WC4760098

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 Business & partner 
Product Details

Audit reporting

Prior to dating an EBP auditor’s report, the auditor is required to obtain and read a substantially complete draft Form 5500 to identify material inconsistencies, if any, with the audited ERISA plan financial statements.

Form 5500 and related schedules may provide beneficial information to auditors to help them better understand the plan and assess whether information in the plan's financial statements is correctly reported.

This webcast will provide:

  • An overview of the Form 5500 Series
  • Non-authoritative tips and considerations for auditors in understanding Form 5500 and schedules
  • Information about how information in Form 5500 and schedules may relate to the plan’s financial statements
  • Considerations for determining whether Form 5500 is substantially complete

Key Topics

  • Overview of Form 5500
  • Understanding information in Form 5500 and how it relates to the plan's financial statements
  • Determining whether draft Form 5500 is substantially complete

Learning Objectives

  • Recognize the various components of Form 5500 Series and schedules.
  • Recall how information in Form 5500 and schedules may relate to the plan’s financial statements.
  • Distinguish whether Form 5500 is substantially complete.

Who Will Benefit

  • Employee benefit plan auditors
More Details
Level
Basic
Prerequisites
None
Access
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
Duration
2 hrs
Pricing
Do you have an AICPA or CIMA membership? Log in to apply your member discount.

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2 to 5 registrants

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6+ registrants

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Contact us
Speakers
Renee Cahill
Renee is a Director in the Human Capital Services practice of Grant Thornton LLP in Chicago. She has over 10 years of experience in providing employee benefit plan compliance and consulting services to plan sponsors ranging in employee size and industry. She works with multiple types of retirement plans, health & welfare plans and direct filing entities. Renee assists clients with annual reporting, plan corrections, nondiscrimination testing, diagnostic plan reviews, and plan design.
Lynne McMennamin
Lynne McMennamin is an Assistant Director in the Division of Reporting Compliance (DRC) in EBSA's Office of the Chief Accountant (OCA). Prior to this she was an acting Senior Reporting Compliance Specialist in the DRC and an Auditor in the Division of Accounting Services in the OCA. Before joining the Department of Labor in 2013, Lynne worked in public accounting, specializing in Employee Benefit Plans, for over 20 years, including 10 years as a partner in an international accounting firm. Lynne previously served on the AICPA Employee Benefit Plan Expert Panel and the AICPA Employee Benefit Plan Audit Quality Center Executive Committee. Lynne has a Bachelor of Science degree in Accounting (_cum laude_) from University of Maryland College Park.
Doug Bertossi
Doug is currently the partner-in-charge of CliftonLarsonAllen’s Minneapolis office’s Employee Benefit Plan group and is the lead partner for the firm-wide multi-employer practice. His background includes audits of single, multiple-, and multi-employer employee benefit plans, including defined benefit and defined contribution pension plans, health and welfare plans, and other tax-exempt organizations. In addition, in his 17 years of practice, Doug has also consulted on numerous employee benefit plans regarding plan administration, operations, and compliance. In addition to extensive audit and consulting experience, Doug has experience in the administration of defined contribution pension plans and plan qualification testing and issues. Doug has also prepared, assisted, and trained employees in preparation of reporting and disclosure requirements applicable to employee benefit plans. Doug has consulted with plans regarding compliance with the Employee Retirement Income Security Act of 1974 (ERISA). Doug has been a speaker at the International Foundation of Employee Benefit Plans' (IFEBP) annual conference, and other conferences and seminars. In addition, Doug is currently a member of the American Institute of Certified Public Accountants (AICPA) Employee Beenfit Plan Audit Quality Center (EBPAQC) Expert Panel.
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