Audits of Employee Benefit Plans Subject to ERISA

Overview

Employee benefit plan audits are examined to help you understand the intricacies of EBP planning, reporting and compliance with applicable auditing standards.

Highlights

Key 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

Prerequisites

None

Designed For

Who Will Benefit

• Auditors of employee benefit plans
• Practitioners considering adding EBP audits as a service offering
• Accountants in business and industry responsible for company benefits

Objectives

Learning Outcomes

• 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.