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

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

Auditors of employee benefit plans

Practitioners considering adding EBP audits as a service offering

Accountants in business and industry responsible for company benefits

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.

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by AICPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Randy Dummer, Quality Control Partner

Leader Bios

Randy Dummer, Quality Control Partner

Randy Dummer, CPA, quality control partner in the accounting and assurance department at Henderson, Hutcherson & McCullough (HHM), joined the firm in 2011 and leads key initiatives including the peer review practice and employee benefit plan audit niche. Randy is a nationally recognized employee benefit plan audit specialist and serves as a discussion leader for the American Institute of CPAs (AICPA), earning the AICPA Outstanding Discussion Leader Award eight times. He instructs the Audits of 401(k) Plans webcast and teaches employee benefit plan audit courses. Randy serves as audit partner for 401(k), 403(b), ESOP, defined benefit pension and health and welfare plan audits. As captain for approximately 50 peer reviews each year, Randy helps CPA firms strengthen accounting, auditing and attestation quality. He serves on the peer review committee of the Tennessee Society of Certified Public Accountants and is an approved ERISA audit subject matter expert for the AICPA enhanced oversight project.

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