With the recent changes in the standards, audit engagement teams need to thoroughly understand those changes in order to be in compliance. This session will provide external auditors with the key updates and what to expect in the near future when auditing employee benefit plans. The most common compliance pitfalls in 401(k) audits will be addressed along-side with recommended correct actions. Audit engagement teams will be provided with the latest best practices for handling specific issues that arise during the course of the audit engagement related to participant loans, payroll & compensation, investments, plan mergers/acquisitions, hardship distributions, independence issues, etc. We will also address the latest best practices on how to properly tailor your audit approach in order to achieve audit efficiency and effectiveness.
Course ID: EBPUTA
2021 Employee Benefit Plan Audit Update & How to Tailor Your Employee Benefit Plan Audit Approach
When you complete this session, you will be able to:
- Identify current updates to audits of employee benefit plans
- Analyze key topics in regards to audit planning, risk assessment, testing and financial statement disclosures; recognize key areas of concern for peer reviewers and the DOL.
- Identify high risk areas of the audit in order to properly tailor your audit program.
- Annual update of the significant changes that impact employee benefit plans and emerging issues
- An overview of the latest best practices related to audit planning, risk assessment, internal controls and other key audit areas of employee benefit plans.
- Properly tailoring audit approach based on risk.
Who Should Attend
Experienced CPAs and practitioners in public practice who conduct audits of employee benefit plans.
Fields of StudyAuditing
General knowledge of AICPA Professional Standards and experience in auditing employee benefit plans.