Description

Participant data and contributions testing

Employee benefit plan audits are quite different from corporate audits and require an understanding of the unique audit areas specific to plans.

Part 2 of the 401(k) audit basics series addresses participant data and contribution testing, including:

- What participant data needs to be tested and why

- The different ways a participant can enroll in a plan

- The various types of contributions received by a 401(k) plan

- Parties in interest and prohibited transactions

- Common issues and errors seen in these areas

Instructor: Marilee Lau

Target Audience

Auditors new to employee benefit plan auditing

Course Objectives

· Identify what participant data needs to be tested and why.

· Recall the different ways a participant can enroll in a plan.

· Distinguish the various types of contributions received by a 401(k) plan.

· Recognize parties in interest and prohibited transactions.

· Distinguish unique issues that should be considered when planning 401(k) plan audits.

Subjects

· Participant data testing

· 401(k) plan contribution types

· Parties in interest and prohibited transactions