AICPA Certificate Programs

Discover the foundations of ERISA

This course provides a comprehensive understanding of 401(k) plans within the framework of the Employee Retirement Income Security Act (ERISA). Your journey begins with an exploration of the fundamental purposes and impacts of ERISA on 401(k) plans.

Delve into the key features of 401(k) plans, including understanding eligibility criteria, vesting schedules, and compensation definitions, while also learning to identify the critical roles and responsibilities of various stakeholders who help ensure plan integrity and the protection of participant interests.

Discover the importance of the plan document and ERISA compliance, as well as the nuances of tax considerations and compliance obligations relevant to the auditor. Gain insights into the mechanics of plan assets, including contributions, loans, and the array of investment options available within 401(k) plans, in addition to understanding the complexities surrounding distributions, plan expenses, and fee structures.

Understand the unique financial reporting matters related to 401(k) plans, including the Form 5500 and how it relates to the plan financial statements, the importance of SOC 1 reports and their role in demonstrating compliance and operational integrity, and how ERISA Section 103(a)(3)(C) audits are different than traditional audits.

• ERISA’s role and impact
• Key features of 401(k) plans
• Roles and responsibilities in 401(k) plans
• Governing documents
• Contributions, loans, and investments
• Distributions, expenses, and fee arrangements
• Financial reporting requirements
• Regulatory reporting and compliance

• Recognize the purpose and impact of ERISA on employee benefit plan audits
• Identify the key features of 401(k) plans
• Distinguish between the key parties and their roles and responsibilities in 401(k) plans
• Identify the importance of the plan document for 401(k) plans
• Recognize distributions, expenses, and fee arrangements in 401(k) plans
• Identify financial reporting requirements in 401(k) plan audit
• Recall regulatory reporting and compliance obligations in 401(k) plan audits.

Auditors who want a foundational understanding of Employee Benefit Plans (EBP) subject to audit under the Employee Retirement Income Security Act (ERISA), and how they differ from commercial entities they audit.