Employee benefit plan audits are examined to help you understand the intricacies of EBP planning, reporting and compliance with applicable auditing standards.
Learning Objectives
- Recognize key terms and definitions related to ERISA plans.
- Identify the different types of employee benefit plans (EBPs).
- Recognize operational and compliance elements of ERISA plans
- Identify the basic financial statements for all ERISA plans.
- Recognize differences between GAAP and ERISA reporting.
- Identify the risks of material misstatement related to financial statement line items on the statements of net assets available for benefits.
- Recognize audit procedures commonly performed in a defined contribution retirement plan (DC plan) audit, including notes receivable from plan participants.
- Identify audit requirements when using the work of a specialist.
Major Topics
Audit planning and pre-engagement activities
Risk assessment, including consideration of internal control
Auditing the statement of net assets available for benefits
Auditing the statement of changes in net assets available for benefits
Other auditing considerations, including prohibited transactions and tax compliance
The auditor's report
Financial statement disclosures
Supplemental schedules
