Audits of Employee Benefit Plans Subject to ERISA

Overview

Employee Benefit Plan (EBP) audit engagements remain under close examination by regulators and peer reviewers, stemming from a historical pattern of noncompliance with applicable professional standards. It is imperative that auditors possess the requisite skills to carry out EBP engagements with proficiency. This involves navigating the audit process from the initial engagement acceptance through to reporting and completion. Given that 401(k) plans represent the predominant plan type subjected to audits, we engage in a comprehensive examination of these plans. Discover strategies to meticulously plan and execute risk-based plan audits, ensuring adherence to professional standards without compromising on efficiency.

Prerequisites

None

Objectives

• Recognize key terms and definitions related to ERISA plans.
• Identify the different types of employee benefit plans (EBPs).
• Recognize operational and compliance elements of ERISA plans.
• Identify the basic financial statements for all ERISA plans.
• Recognize differences between GAAP and ERISA reporting.
• Identify the risks of material misstatement related to financial statement line items on the statements of net assets available for benefits.
• Recognize audit procedures commonly performed in a defined contribution retirement plan (DC plan) audit, including notes receivable from plan participants.
• Identify audit requirements when using the work of a specialist.

Highlights