Audits of 401k Plans 2024

Overview

Significant changes in the audit environment for 401k plans have resulted from recent U.S. Department of Labor reviews of 401k audits and the issuance of Statement of Audit Standards Number 136 (SAS 136), the Auditing Standards Board’s new standard for employee benefit plan audits. This course will assist the audit professional with guidance needed to perform 401k audits in the upcoming year. We will discuss the significant changes from SAS 136 and other recent auditing standards, including both the auditor’s and plan sponsor’s responsibilities when electing and performing an ERISA Section 103(a)(3)(C) audit, which replaced the former limited scope audit. We will also focus on the most common compliance issues identified in 401k audits from both the Department of Labor and peer reviews, along with best practices and recommended corrections.

Highlights

• SAS 136 audit requirements for ERISA Section 103(a)(3)(C) audits
• Update of the changes affecting 401k plans
• Compliance issues commonly encountered in 401k plan audits
• Best practices for engagement planning, internal controls, risk assessment, and detailed testing
• Common audit reporting and disclosure issues

Prerequisites

Basic understanding of auditing 401k plans

Designed For

Experienced audit professionals who plan and perform 401k plan audit engagements.

Objectives

• Understand the key changes in 401k plans that resulted from recently issued auditing standards
• Identify common compliance issues encountered in 401k plan audits
• Plan and perform effective audit procedures for 401k plan audits

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.