Advanced Audits of 401(k) Plans: Best Practices and Current Developments

Overview

Looking to improve the quality of your 401(k) benefit plan audits? This is the course for you. Based on recent data from the U.S. Department of Labor and peer reviews on employee benefit plan audits, we know auditors need to up their game to meet stakeholder demands and provide the best possible audit services.

In this advanced course, discuss the audit and reporting requirements in accordance with auditing standards. Discuss laws and regulations (such as ERISA) that are unique to employee benefit plans and provide practical guidance on their application. Course topics will focus on the most common compliance issues identified in 401(k) audits by the Department of Labor and peer reviews, as well as recommended corrections. Auditors will identify best practices for auditing areas such as payroll and compensation, participant loans, hardship distributions, investments, and plan mergers and acquisitions.

Highlights

Audit requirements for ERISA §103(a)(3)(C) audits
An annual update of the changes affecting 401(k) plans
Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, and other topics
Best practices for engagement planning, internal controls, risk assessment, and detailed testing
Avoiding common mistakes while performing audit procedures
Plan mergers and acquisitions
Common audit reporting and disclosure issues

Prerequisites

A basic understanding of auditing defined contribution plans

Designed For

CFOs, controllers, and finance professionals

Objectives

Identify key provisions of recently issued SASs
Identify the current year changes to the rules and regulations affecting 401(k) plans
Understand the most common compliance issues encountered in 401(k) plan audits, pitfalls to watch out for, and strategies to ensure compliance
Perform efficient and effective procedures associated with planning, internal controls, risk assessments, and detailed audits
Explain the documentation and procedures related to plan mergers and acquisitions
Discuss the best practices associated with advanced audit areas, including participant loans, payroll, compensation, and investments
Understand the risks associated with a benefit plan audit engagement

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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