7:30-7:45am
Registration and Continental Breakfast
7:45-8:00am
Opening Remarks
David R. Dacey, CPA – WithumSmith+Brown PC
8:00-8:50am
Accounting & Auditing Update
David Dacey, CPA, and Sheri Wronko, CPA - WithumSmith+Brown PC
This session will discuss the latest changes to GAAP, GAAS and PCAOB professional
standards and will provide an overview of new AICPA audit quality center resources
available to improve overall audit engagement quality. Specific topics will include,
but not be limited to:
- Master trust and certain fair value disclosure requirements
- New PCAOB auditor reporting and Form AP reporting requirements
- Audit performance reminders and AICPA resources
8:50-9:40am
AICPA EBP Update
Susan Hicks, CPA - AICPA
Learn about new resources and developments in EBP audits:
- Proposed audit standard on EBP audit reports
- EBPAQC activities and new tools and resources
- AICPA Enhanced Audit Quality initiatives affecting EBP audits
9:40-9:55am
Break
9:55-11:10am
U.S. Department of Labor Update
Michael E. Auerbach, CPA – U.S. Department of Labor
Robert Lavenberg, CPA, JD, LL.M. - ERISAworks, LLC
The U.S. Department of Labor (the “DOL”) is the principal federal agency responsible
for the oversight of employee benefit plan compliance. Hear a first-hand account of
compliance issues the DOL is currently facing and the steps they are taking to ensure
adequate oversight of employee benefit plans. This will include:
- Update on DOL activities.
- Audit quality issues and how to avoid the most common pitfalls.
- How the auditor universe has changed over the past five years.
- Reporting compliance issues auditors should be aware of.
11:10am-12:00pm
EBP Legal Update
Frank W. Palmieri, Attorney – Palmieri & Eisenberg.
This program will consider the changes to the IRS Determination Letter Program and the
actions that may be required to replace Determination Letters when conducting qualified
retirement plan audits; the status of the DOL Fiduciary Rules, the need to help clients
identify when they are paying excessive fees for Section 401(k) recordkeeping and investment
services to minimize potential litigation and to satisfy their fiduciary obligations to
participants; and use of the IRS Voluntary Correction Program (“VCP”) to correct qualified
retirement plan errors when discovered on audit.
12:00-12:45pm
Lunch
12:45-1:35pm
Auditing Investments in an Employee Benefit Plan – Panel
Kriste DeAngelo, CPA, Brenda DeSaro, CPA, and Robert W. Reilly, CPA – EisnerAmper LLP
As employee benefit plans continue to invest in more complex investments, auditors routinely
encounter challenges understanding and auditing these investments. This session will present
a panel of seasoned employee benefit plan auditors who will share practical insights and will
discuss key issues and considerations faced when auditing investments.
1:35-2:25pm
Cybersecurity Risks for Employee Benefit Plans
David J. Rosenbaum, MBA – Citrin Cooperman, LLP
With a focus on Employee Benefit Plans and the plan sponsors and administrators, this session will
present insights into the current cybersecurity-threatened landscape, key operational objectives of a
cybersecurity program, representative federal and state cybersecurity regulatory requirements, and
recommended best practices and controls that should be designed, implemented and audited to help
assess, manage and mitigate cybersecurity risks.
2:25-2:45pm
Break
2:45-4:00pm
Employee Benefit Plan Audit Group Practice Issues
Kenneth A. Bagner, CPA, MST and Elizabeth B. Harper, CPA – Sobel & Co. LLC
Learn best practices for an efficient and effective EBP audit group. Discuss common audit
deficiencies and solutions to improve the quality and effectiveness for various areas
noted below:
- engagement letters
- communication to those charged with governance
- planning and risk assessment
- importance of a planning meeting
- preliminary analytical review procedures
- internal controls
- use of SOC reports
- management representation letter
- audit reporting
- internal inspections
- peer review
Beyond the audit, discuss areas impacting plans including:
- common plan errors made by sponsors and TPA's
- plan fees and benchmarking
- common plan administrator issues