Auditing 401(k) Plans focuses on “limited-scope” audits that comprise over 80% of the audits filed with the Department of Labor. Take a hands-on approach to performing these engagements in a manner that complies with all professional requirements. Although not yet required, the substantive changes contained in SAS 136 are also discussed.
• Identify the requirements CPAs should follow when performing an audit of a 401(k) plan.
• Recognize the authoritative literature applicable to performing an audit of a 401(k) plan.
• Become familiar with the contents of the authoritative literature.
• Identify the trends in the profession and recognize the imminent changes to the professional landscape of performing audits of 401(k) plans.
• Requirements to meet when the client selects the ‘limited-scope’ audit option
• Testing participant data
• AICPA Audit and Accounting Guide ‘Employee Benefit Plans’
• AICPA SAS 136 Forming An Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
CPAs that perform limited-scope audits of 401(k) plans.
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