Auditing Financial Statements of ERISA Plans

Overview

Conducting a compliant audit

Learn about proper audit procedures to test the line items of the statement of net assets available for benefits, including investments.

You’ll also cover the audit procedures to test the activity in the statement of changes in net assets available for benefits, including participant testing.

Your new knowledge will help you conduct compliant audits of ERISA plan financial statements.

Plan investments
Gain an understanding of how to differentiate plan investment procedures based on the type of audit and risk assessment.

To do this, you’ll look at ways to identify the following:

Types and classifications of common plan investments

The audit procedures required for investment activity, contributions, and withdrawals at the participant level

Other audit considerations

You'll also explore other audit considerations, including:

GAAP requirements for presentation and disclosure of employee benefit plan financial statements

Procedures to determine the plan's tax status

Related parties, parties in interest, and prohibited transactions

Additional procedures related to Form 5500

Highlights

Auditing the statement of net assets available for benefits

Types and classification of common plan investments

Plan investment audit procedures based on type of audit and risk assessment

Auditing the statement of changes in net assets available for benefits

Presentation and disclosure requirements in accordance with GAAP

Audit considerations related to related parties, parties in interest, prohibited transactions, a plan's tax status, and Form 5500

Prerequisites

None

Designed For

Auditors of employee benefit plans

Practitioners considering the addition of EBP audits as a service offering

Accountants in business and industry responsible for company benefits

Objectives

Indicate how to audit the statements of net assets available for benefits.
Recognize considerations related to plan investments and management and auditor responsibilities.
Indicate how to audit the statement of changes in net assets available for benefits.
Identify ways to properly report on an audit of ERISA plan financial statements in accordance with applicable professional standards.
Identify audit considerations for related parties, parties in interest, prohibited transactions, a plan's tax status, and Form 5500, among other considerations.

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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