102 | In Person Training | Advanced | Scheduled
Advanced Audits of 401(k) Plans: Best Practices and Current Developments
Wednesday, June 19, 2019 8:30am - 4:00pm
As we saw from the recent United States Department of Labor review of employee benefit plan audits, auditors need to raise their game in order to provide the quality audits that plan stakeholders demand. The AICPA has reacted by issuing a proposed SAS that will significantly impact how audits of these plans will be performed. Now is the time to get up to speed on these significant issues and changes occurring in the world of 401(k) plan audits. In this advanced course, we will discuss both the existing and new rules and regulations unique to employee benefit plans as well as provide practical guidance on their application. The most common compliance issues identified in 401(k) audits will be explored along with recommended corrections. Auditors will identify best practices for handling specific issues that arise during the course of the engagement related to payroll and compensation, participant loans, hardship distributions, investments, plan mergers/acquisitions, etc. Efficient audit techniques that can be utilized in various audit engagements will also be identified. This is the course to take to help you improve the quality of your 401(k) benefit plan audits.
- Identify the current year changes to the rules and regulations effecting 401(k) plans.
- Examine the most common compliance issues encountered in 401(k) plan audits, what to watch out for and what can be done to ensure compliance.
- Performing efficient and effective procedures associated with planning, internal controls, risk assessment and detailed audit.
- Explain the documentation and procedures related to plan mergers and acquisitions.
- Discuss best practices associated with advanced audit areas including participant loans, payroll, compensation, investments, etc.
- Understand the risks associated with a benefit plan audit engagement.
- Daryl G. Krause (view bio)
Experienced practitioners responsible for planning and performing employee benefit plan audit engagements
- Annual update of the changes affecting 401(k) plans
- Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc.
- Best practices for engagement planning, internal controls, risk assessment and detailed testing
- Avoid common mistakes made while performing audit procedures
- Plan mergers and acquisitions
- Common audit reporting and disclosure issues
- Proposed changes in the AICPA's proposed SAS on auditing employee benefit plans
Daryl G. 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.