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.
When you complete this session, you will be able to:
Experienced CPAs and practitioners in public practice who conduct audits of employee benefit plans.
General knowledge of AICPA Professional Standards and experience in auditing employee benefit plans.