Objective
Participants will be able to:- Understand the required procedures of auditing defined contribution plans in accordance with GAAS
- Understanding the DOL requirements
- Identify requirements of limited scope exception
- Identify audit risk areas including the risk due to fraud
- Develop and perform appropriate audit testing to address the assessed audit risks
- Link the risk assessed with the evidence accumulated
- Communicating with those charged with governance
- Reporting internal control deficiencies
- Avoid mistakes and deficiencies in preparing U.S. GAAP and DOL compliant financial statements
- Identify compliance programs available under EBSA
Highlights
- Identifying when an audit is required
- A review of current and pending accounting and auditing standards
- Common audit and reporting deficiencies, including those identified in the recent DOL Audit Quality Study and peer reviews
- Unique audit planning characteristics in EBP audits
- Difficult audit areas found in EBP engagements
- Limited scope and full scope audit requirements
- Resources needed for EBP audits
- Recent changes to EBP Audit Guide
- Financial statement reporting and disclosure requirements with examples
- ASC 820 fair value accounting measurement, reporting and disclosure
- Updating, performing, and documenting the risk assessment
- Changes in Form 5500
- Testing of participant data
- Required contribution testing
- Identifying related party and party-in-interest
- Reporting prohibited transactions
- Reporting for DOL Required Supplemental Information
- Communication required with those charged with governance
Designed For
Practitioners in public accounting firms that audit defined contribution pension plans emphasizing 401(k) plans.Prerequisite
None; however, some experience in conducting EBP audits would be helpful.