Lay the groundwork for effective ERISA audits (bold)
The goal of Statement on Auditing Standards (SAS) No. 136 is to enhance audits performed under the Employee Retirement Income Security Act (ERISA). It will be important for you to understand the clarified responsibilities of auditors and clients, and ensure that you’re familiar with best practices of a 401(k) audit and reporting.
In the webcast, we’ll discuss how to:
– Identify audit procedures required for investment activity, contributions, benefit payments, or withdrawals at the participant level
– Alter your procedures depending on the type of audit and risk assessment
– Determine the classification of common plan investments
– Use GAAP presentation and disclosure requirements for EBP financial statements
Topics also covered in this webcast include:
– Procedures needed to determine the plan’s tax status
– Testing line items of statement of net assets available for benefits and the statement of changes in net assets available for benefits
– Related parties, parties in interest, and prohibited transactions
– Nuance in Form 11-K filers
•Identify auditing procedures for the statement of net assets available for benefits and the statement of changes in net assets available for benefits.
*Auditing the statement of net assets available for benefits
auditors of employee benefit plans