The Department of Labor oversight and monitoring of audit quality has intensified and will continue for employee benefit plan (EBP) audits for the foreseeable future. EBP audits present a myriad of practice issues and risks that practitioners must address. This advanced course provides guidance and best practices in planning, performing and documenting these audits. Stay current on regulatory initiatives, findings and actions.
DESIGNED FOR
Practitioners in public accounting firms that audit employee benefit plans.
BENEFITS
- Address and implement current ASU (FASB) updates
- Identify current auditing issues with common sense solutions
- Prepare adequate and sufficient audit documentation that will satisfy the professional standards for documentation and the DOL
- Avoid mistakes and deficiencies in financial reporting and disclosures noted by DOL Audit Quality Study and Peer Reviews
HIGHLIGHTS
- Current DOL and EBSA programs, compliance initiatives and regulatory requirements
- A review of currently issued and proposed accounting and auditing standards
- Recent changes to the EBP Audit Guide
- Form 5500 filing requirements, issues, and changes
- Common audit challenges and risk areas inherent in benefit plan audits
- Reporting and disclosure of ASC 820 fair value accounting measurement issues
- Review of audit planning procedures
- Identification of current risk issues including fraud in EBP audits
- Understanding the SOC report; responding with adequate procedures and documentation
- Deficiencies in reporting and disclosure and how to avoid/eliminate
- Understanding the new peer reviewer requirements and the impact on EBP audits
- Best practices in EBP financial statement reporting and disclosure with example
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in conducting audits of employee benefit plans.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Course materials are distributed electronically. To access the materials visit
My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.