The audit landscape for 401(k) plans is shifting’fast. Recent reviews by the U.S. Department of Labor, combined with the introduction of Statement on Auditing Standards No. 136 (SAS 136), are changing how audits are conducted and what’s expected of both auditors and plan sponsors. This course gives CPAs the insights and guidance they need to confidently navigate these changes. We’ll explore the impact of SAS 136 and other recent updates, with a clear look at the responsibilities involved in an ERISA Section 103(a)(3)(C) audit’the new standard that has replaced the old limited scope audit. You’ll also learn about the most common compliance issues flagged in 401(k) audits, based on findings from the Department of Labor and peer reviewers, and walk away with practical strategies and corrections to strengthen your audit approach.
Learning 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
Major Topics
• 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
