What you document matters Understand different parts of the employee benefit plan (EBP) audit process, and learn to think holistically about your level of audit documentation. Understand the appropriate level of documentation in the performance of audit procedures of employee benefit plans, which will involve testing items that are not typically tested in audits of other types of entities. Real-life examples Learn from real-life examples and solutions, guided by a former employee benefit plan expert panel member and someone who performs peer reviews. Work in templates to truly understand documentation in an EBP audit, and learn best practices for documentation to incorporate into your audits.
Learning Objectives
- Recognize areas in employee benefit plan audits that commonly lead to documentation deficiencies.
- Recall the AICPA professional standards that address audit documentation.
- Recall the practical aspects of unique EBP audit planning procedures.
- Recognize effective documentation of all elements of risk assessment.
- Recognize effective documentation of system narratives and walk-throughs.
- Recall documentation concepts for investments and participant notes receivable.
- Identify best practices for documenting audit procedures surrounding contributions and benefit payments.
- Recall documentation for other audit areas not related to specific accounts.
Major Topics
- Audit planning
- Risk assessment and control testing
- Documentation best practices for investments and notes receivable
- Key audit areas in the financial statements, such as contributions, benefit payments, and plan expense
- Participant data and participant accounts
- Initial audits, plan mergers, and other issues
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