Overview
Understand the statements, disclosures, and considerations for plans that file Form 11-K, as well as the impact of SAS No. 136. Learn ways to plan and conduct effective risk-based ERISA plan audits.
Conduct a compliant audit
Identify proper audit procedures to test the line items of the statement of net assets available for benefits, including investments.
Identify proper audit procedures to test the activity in the statement of changes in net assets available for benefits, including participant testing.
Plan investments
Differentiate plan investment procedures based upon the type of audit and risk assessment.
Identify types and classifications of common plan investments.
Identify audit procedures required for investment activity, contributions and benefit payment or withdrawals at the participant level.
GAAP presentation and disclosure
Understand GAAP requirements for presentation and disclosure for employee benefit plan financial statements.
Other audit considerations
Recognize procedures needed to determine the plan's tax status
Learn how to identify related parties, parties in interest, and prohibited transactions.
Recognize additional audit procedures needed for Form 11-K filers.
Course Instructor: Randy M. Dummer
Highlights
Auditing the statement of net assets available for benefits
Types and classification of common plan investments
Plan investment audit procedures based upon type of audit and risk assessment
Auditing the statement of changes in net assets available for benefits
Audit procedures at the participant level required for investment gains (losses), contributions, and benefit payments or withdrawals
Presentation and disclosure requirements in accordance with GAAP
Audit considerations related to related parties, parties in interest and prohibited transactions, a plan's tax status and Form 5500, and Form 11-K filers, and related changes introduced by SAS No.136
Prerequisites
None
Designed For
Auditors of employee benefit plans, practitioners considering the addition of EBP audits as a service offering, and accountants in business and industry responsible for company benefits.
Objectives
- Identify auditing procedures for the statement of net assets available for benefits and the statement of changes in net assets available for benefits.
- Recognize the types and classification of common plan investments.
- Distinguish plan investment audit procedures based upon type of audit and risk assessment.
- Identify audit procedures at the participant level required for investment gains (losses), contributions, and benefit payments or withdrawals.
- Recognize the presentation and disclosure requirements in accordance with GAAP.
- Identify audit considerations for related parties, parties in interest, and prohibited transactions; a plan's tax status and Form 5500; Form 11-K filers; and related changes introduced by SAS No.136.
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 AICPA. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.
