Audits of ERISA Plans (With a Focus on 401(k) Plans)
Presenter
Joann Noe Cross,
Emerita Professor of Accounting
Overview
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. Auditors require proper skills to perform EBP engagements effectively. You will work through the plan audit process from engagement acceptance to reporting and completion and take a deep dive into 401(k) plans — the most common type of plans audited. Tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency.
Learning Objectives:
- Recognize accounting and auditing requirements for a compliant audit of defined contribution plans.
- Identify appropriate audit procedures to plan, perform and report on 401(k) financial statements.
- Recognize new auditing, accounting and regulatory developments impacting EBP audits, including SAS No. 136.
Major Topics:
- GAAP vs. ERISA reporting requirements
- Audit planning
- 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
