Description

Lay the groundwork for effective ERISA audits

The goal of Statement on Auditing Standards (SAS) No. 136 is to enhance audits performed under the Employee Retirement Income Security Act (ERISA). It will be important for you to understand the clarified responsibilities of auditors and clients, and ensure that you're familiar with best practices of a 401(k) audit and reporting.

In the webcast, we'll discuss how to:

- Identify audit procedures required for investment activity, contributions, benefit payments, or withdrawals at the participant level

- Alter your procedures depending on the type of audit and risk assessment

- Determine the classification of common plan investments

- Use GAAP presentation and disclosure requirements for EBP financial statements

Topics also covered in this webcast include:

- Procedures needed to determine the plan’s tax status

- Testing line items of statement of net assets available for benefits and the statement of changes in net assets available for benefits

- Related parties, parties in interest, and prohibited transactions

- Nuance in Form 11-K filers

Instructor: Randy M. Dummer

Target Audience

Auditors of Employee benefit plans

Practitioners considering the addition of EBP audits as a service offering

accountants in business and industry responsible for company Benefits

Course Objectives

Identify auditing procedures for the statement of net assets available for benefits and the statement of changes in net assets available for benefits.

Recognize the types and classification of common plan investments.

Distinguish plan investment audit procedures based upon type of audit and risk assessment.

Identify audit procedures at the participant level required for investment gains (or losses), contributions, and benefit payments or withdrawals.

Recognize the presentation and disclosure requirements in accordance with GAAP.

Identify audit considerations for related parties, parties in interest, and prohibited transactions; a plan’s tax status and Form 5500; Form 11K filers; and related changes introduced by SAS No. 136

Subjects

Auditing the statement of net assets available for benefits

Types and classification of common plan investments

Plan investment audit procedures based upon type of audit and risk assessment

Auditing the statement of changes in net assets available for benefits

Audit procedures at the participant level required for investment gains (or losses), contributions, and benefit payments or withdrawals

Presentation and disclosure requirements in accordance with GAAP

Audit considerations related to related parties, parties in interest and prohibited transactions, a plan’s tax status and Form 5500, and Form 11K filers, and related changes introduced by SAS No.136