Audits of Employee Benefit Plans Subject to ERISA
8.00 Credits
Member Price $330
Non-Member Price $430
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 reporting and completion. Given that 401(k) plans represent the predominant plan type subjected to audits, this course offers a comprehensive examination of these plans. Participants will discover strategies to meticulously plan and execute risk-based plan audits, ensuring adherence to professional standards without compromising efficiency.
Highlights
• 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
Prerequisites
None
Designed For
- Auditors of employee benefit plans
- Practitioners considering adding EBP audits as a service offering
- Accountants in business and industry responsible for company benefits
Objectives
When you complete this course, you will be able to: • Recognize key terms and definitions related to ERISA plans. • 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 finnancial statement line items on the statements of net assets available for bene“ts. • 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.
Leader(s):
Leader Bios
Daryl Krause
Daryl G. Krause, CPA, has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his CPA firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl has led more than 100 courses for the AICPA in 27 states and the District of Columbia. He also performs technical reviews during the development of certain AICPA courses.
Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work.
As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes.
He served in E&Y’s National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.
Non-Member Price $430
Member Price $330