Auditing Financial Statements of ERISA Plans

Overview

Conducting a compliant audit

Learn about proper audit procedures to test the line items of the statement of net assets available for benefits, including investments.

You’ll also cover the audit procedures to test the activity in the statement of changes in net assets available for benefits, including participant testing.

Your new knowledge will help you conduct compliant audits of ERISA plan financial statements.

Plan investments
Gain an understanding of how to differentiate plan investment procedures based on the type of audit and risk assessment.

To do this, you’ll look at ways to identify the following:

Types and classifications of common plan investments

The audit procedures required for investment activity, contributions, and withdrawals at the participant level

Other audit considerations

You'll also explore other audit considerations, including:

GAAP requirements for presentation and disclosure of employee benefit plan financial statements

Procedures to determine the plan's tax status

Related parties, parties in interest, and prohibited transactions

Additional procedures related to Form 5500

Highlights

Auditing the statement of net assets available for benefits

Types and classification of common plan investments

Plan investment audit procedures based on type of audit and risk assessment

Auditing the statement of changes in net assets available for benefits

Presentation and disclosure requirements in accordance with GAAP

Audit considerations related to related parties, parties in interest, prohibited transactions, a plan's tax status, and Form 5500

Prerequisites

None

Designed For

Auditors of employee benefit plans

Practitioners considering the addition of EBP audits as a service offering

Accountants in business and industry responsible for company benefits

Objectives

Indicate how to audit the statements of net assets available for benefits.
Recognize considerations related to plan investments and management and auditor responsibilities.
Indicate how to audit the statement of changes in net assets available for benefits.
Identify ways to properly report on an audit of ERISA plan financial statements in accordance with applicable professional standards.
Identify audit considerations for related parties, parties in interest, prohibited transactions, a plan's tax status, and Form 5500, among other considerations.

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Randy Dummer, AICPA

Leader Bios

Randy Dummer, AICPA

Randy Dummer, CPA is a Partner with HHM in the accounting and audit area, joining the firm in 2011. He is the engagement partner on several employee benefit plan audits at HHM, as well as for automobile dealerships, manufacturers, not-for-profit organizations and other commercial businesses. He also performs numerous peer reviews and serves on the East Tennessee Review Acceptable Board and the Tennessee Peer Review Committee. He was previously the firm wide leader for the employee benefit plan audit practice at Baker Tilly Virchow Krause, LLP in Appleton, Wisconsin. The practice consisted of approximately 700 engagements performed by personnel in eight different offices. In this role, Randy developed and taught the firms internal training annually for their benefit plan audit staff, updated tools and templates, and served as the primary technical resource for employee benefit plan audit issues. He has extensive experience with audits of employee benefit plans, as well as not-for-profit organizations, and commercial businesses. He has been teaching seminars for the AICPA since 2003. Randy is a 2012-13 recipient of the AICPA Outstanding Instructor Award.

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