Webcast: Advanced Audits of 401(k) Plans: Best Practices and Current Developments (XSAAFP321)
Register Tell a Friend About This EventTell a Friend
 

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.

 Export to Your Calendar 4/27/2021
When: April 27, 2021
8:00 AM until 4:00 PM
Where: Webcast
Surgent
AAFP-2021-01-WEBNR-117-01
United States
Presenter: Melissa Critcher, CPA, PC
Contact: Advanced Audits of 401(k) Plans: Best Practices and Current Developments
XSAAFP321


Online registration is available until: 4/25/2021
« Go to Upcoming Event List  

Acronym XSAAFP321
CPE 8 hours
Vendor Surgent
Category
Accounting & Auditing
Level Advanced
Yellow Book? No
Registration Fees
Members* $259
CPA Non-Members $359

*The member rate applies to LCPA members, other state CPA 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.

Note: Online registration for webcasts closes approximately 48 hours before the course start time. To register within that timeframe, give us a call at 800.288.5272.

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. 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.

Objectives

  • Identify the current year changes to the rules and regulations affecting 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
  • Perform 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

Major 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
  • How to avoid common mistakes made while performing audit procedures
  • Plan mergers and acquisitions
  • Common audit reporting and disclosure issues
  • The new audit standard for employee benefit plans

Designed For: Experienced practitioners responsible for planning and performing employee benefit plan audit engagements

Prerequisite: Detailed understanding of auditing defined contribution plans

Note: Login instructions will be provided by the webcast vendor (Surgent).