Advanced Audits of 401(k) Plans: Best Practices and Current Developments (AAFP18)
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As we saw from the recent DOL review of employee benefit plan audits, auditors need to raise their game in order to provide the quality audits. The AICPA has reacted by issuing a proposed SAS that will significantly impact how audits of these plans will be performed. This advanced course covers both the existing and new rules and regulations unique to employee benefit plans as well as provide practical guidance on their application.

 Export to Your Calendar 5/8/2018
When: 05/08/2018
8:30 AM until 4:30 PM
Where: Baton Rouge Marriott
5500 Hilton Ave
Baton Rouge, Louisiana 
United States
Presenter: Melissa G. Critcher


Online registration is available until: 5/8/2018
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Acronym AAFP18
CPE 8 hours
Vendor Surgent
Category
A&A
Level Advanced
Prerequisite Understanding of auditing defined contribution plans
Adv Prep None
Yellow Book? No
Designed For Experienced practitioners responsible for planning and performing employee benefit plan audit engagements
Registration Early Bird
(through 4/23)
Standard
(after 4/23)
Member $299 $349
CPA Non-Member $399 $449

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Texas CPAs: Our Texas State Board of Public Accountancy Sponsor number is #010423.

Course Description

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.

You 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 used 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.

Objectives

  • 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 endure 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

Topics

  • 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