Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers due to history of noncompliance with applicable professional standards. Auditors require proper skills to per-form EBP engagements effectively. You will work through the plan audit process from client ac-ceptance/continuance through engagement archive. As the most common type of plans audited, you will take a deep dive into defined contribution plans to comply with professional standards, ERISA and SEC require-ments. You will also obtain an awareness of additional considerations when auditing defined benefit pension plans and health and welfare benefit plans. Tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency.
*Recognize the auditing requirements for EBP audits to comply with applicable professional standards and regulator expectations. *Identify accounting requirements unique to employee benefit plans *Identify efficient ways to plan and conduct an effective risk-based EBP audit. *Recognize new auditing, accounting and regulatory developments impacting EBP audits, including SAS No. 136. *Distinguish applicable auditing standards based upon implementation of SASs No. 134-140
• Background of ERISA plan audits • GAAP vs. ERISA reporting requirements • 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
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.