Surgent's Audits of 401(k) Plans: New Developments and Critical Issues

Overview

One of the most favored employee benefit plans, the 401(k) plan, provides unique challenges for auditors. Also, as many 401(k) plan administrators opt for ERISA Section 103(a)(3)(C) audits, audits of 401(k) plans will be significantly impacted by the now-effective SAS 136, the AICPA’s new employee benefit plan auditing standard.

Through this course, auditors will obtain an understanding of the rules and regulations unique to employee benefit plans and obtain practical guidance on applying them. Auditors will enhance their knowledge of the performance and reporting requirements of SAS 136 through real-world examples, best practices, and efficient audit techniques that can be utilized in various audit engagements. Make sure your audits don’t trigger a DOL inspection by conforming to all applicable rules and regulations.

Highlights

• Proper planning of benefit plan audit engagements and developing audit strategy while improving overall efficiency
• Common pitfalls in planning and detailed audit procedures
• Changes affecting 401(k) plans, including SAS 136 implementation
• Common mistakes as noted in peer reviews and DOL inspections

Prerequisites

Basic understanding of auditing defined contribution plans

Designed For

Practitioners responsible for planning and performing employee benefit plan audit engagements

Objectives

• Identify the key provisions of SAS 136
• Properly document understanding of the plan, the environment, and internal controls for an employee benefit plan
• Understand the importance of reading, reviewing, and documenting the controls in a service organization control report
• Identify potential audit triggers that may result in Department of Labor inspections
• Understand the risks associated with a benefit plan audit engagement
• Avoid common mistakes noted during peer reviews

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 Surgent. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.