Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers due to history of noncompliance with applicable professional standards. Auditors require proper skills to perform EBP engagements effectively. You will work through the plan audit process from client acceptance/continuance through engagement archive. As the most common type of plans audited, you will take a deep dive into defined contribution plans to comply with professional standards, ERISA and SEC requirements. You will also obtain an awareness of additional considerations when auditing defined benefit pension plans and health and welfare benefit plans. Tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency.
• Recognize the auditing requirements for EBP audits to comply with applicable professional standards and regulator expectations. • Identify accounting requirements unique to employee benefit plans • Identify efficient ways to plan and conduct an effective risk-based EBP audit. • Recognize new auditing, accounting and regulatory developments impacting EBP audits.
• Background of ERISA plan audits
• GAAP vs. ERISA reporting requirements
• Audit planning and pre-engagement activities
• Risk assessment, including consideration of internal control
• Auditing the statement of net assets available for benefits
• Auditing the statement of changes in net assets available for benefits
• Other auditing considerations, including prohibited transactions and tax compliance
• The auditor’s report
• Financial statement disclosures
• Supplemental schedules
Auditors of employee benefit plans, practitioners considering the addition of EBP audits as a service offering, and accountants in business and industry, responsible for company benefits.