Audits of Employee Benefit Plans Subject to ERISA WEBCAST
Overview
Employee benefit plan (EBP) audit engagements remain under close examination by regulators and peer reviewers, stemming from a historical pattern of noncompliance with applicable professional standards. It is imperative that auditors possess the requisite skills to carry out EBP engagements with proficiency. This involves navigating the audit process from the initial engagement acceptance through reporting and completion. Given that 401 (k) plans represent the predominant plan type subjected to audits, we engage in a comprehensive examination of these plans. You’ll discover strategies to meticulously plan and execute risk-based plan audits, ensuring adherence to professional standards without compromising efficiency.
Highlights
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.
Prerequisites
None.
Designed For
Auditors of employee benefit plans. Practitioners considering adding EBP audits as a service offering. Accountants in business and industry responsible for company benefits.
Objectives
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 item 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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Howard Sibelman, Shareholder, Moss Adams LLP (Los Angeles)
Howard Sibelman, CPA, MBT - As the former Education Director for Crowe Horwath International, Howard provided leadership on audit methodology, the CaseWare CH International Audit Template, training initiatives and accounting and auditing technical support to the CH International members. Immediately prior to joining CH International, Howard was a Business Assurance Partner at Moss Adams. At Moss Adams, Howard was a member of the firm’s International Services Group, IFRS Core Training Group, and Quality Control Coordinator for the Los Angeles office. Howard serves on the CalCPA Accounting Principles and Assurance Standards Committee. Howard has extensive experience in accounting, auditing and consulting to middle-market companies. During his 50 year career as an auditor, 30+ years as an audit partner, Howard was CPE Director for a national CPA firm, an instructor at the University of Southern California, on the faculty of two of the largest CPA review courses, and has authored and/or facilitated numerous firm, AICPA and CalCPA education programs. Howard was also a founding member of the AICPA Employee Benefit Plans Audit Quality Center Executive Committee.
Non-Member Price $320.00
Member Price $270.00