Audits of 401(k) Plans: New Developments and Critical Issues

Overview

Through this course, auditors will obtain an understanding of the rules and regulations unique to employee benefit plans and practical guidance on applying them. Auditors will enhance their knowledge of the performance and reporting requirements through real-world examples, best practices, and efficient audit techniques that can be utilized in various audit engagements. Make sure your audits don’t trigger a DOL inspection by conforming to all applicable rules and regulations.

Highlights

Proper planning of benefit plan audit engagements and developing audit strategy while improving overall efficiency
Common pitfalls in planning and detailed audit procedures
Changes affecting 401(k) plans, including recently issued SASs
Common mistakes as noted in peer reviews and DOL inspections

Prerequisites

Basic understanding of auditing defined contribution plans

Designed For

Practitioners responsible for planning and performing employee benefit plan audit engagements

Objectives

Identify the key provisions of recently issued SASs
Properly document understanding of the plan, the environment, and internal controls for an employee benefit plan
Understand the importance of reading, reviewing, and documenting the controls in a service organization control report
Identify potential audit triggers that may result in Department of Labor inspections
Understand the risks associated with a benefit plan audit engagement
Avoid common mistakes noted during peer reviews

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Daryl Krause

Leader Bios

Daryl Krause

Mr. Krause has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work. As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes. He served in E&Y’s National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.

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