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Instructor
THIS WEBINAR IS A REBROADCAST
Regulatory, reporting and disclosure requirements surrounding employee benefit plan auditing are growing and changing. Audit deficiencies are more common than firms care to see. The risk of plan failures or fraud is always present for plan sponsors. Learn about the complexities, trending issues and steps you can take to be up to date on regulatory, audit and accounting requirements, perform quality audits and serve your clients with timely and accurate advice.
• Recognize which updates on standards and regulations impact your employee benefit plan audit practice.
• Identify areas of risk for plan failure and fraud.
• Determine new tools to successfully perform high-quality audits.
Department of Labor Update
During this session, we’ll discuss the work being done at EBSA’s Office of the Chief Accountant. We will discuss the office’s audit quality study and changes to the 2021 Form 5500. We’ll discuss tips on how to help your clients be compliant with ERISA. Learn common reporting deficiencies, including common errors in reporting on supplemental schedules. Also, learn why some audits of employee benefit plans are deemed deficient and what you can do to help make sure your audits are satisfactory.
SAS 136 (Part 1): Overview and Lessons from an Early Adopter
This session is an overview of SAS 136 including: What you wish you would have known; Reportable findings and the challenges experienced; Preparing Clients and TPAs on understanding their roles; and Documentation needed from the client.
SAS 136 (Part 2): Deeper Dive
During this informative session, we will do a deeper dive into SAS 136. Take a look at communication-related to reportable findings and who to address letters to. We will also look at: examples of what’s changing; Engagement letter; Audit reports; What does peer review will look like? and What bank would consider non-conforming for certification.
A&A Update
During this timely session, we will review: Audit updates other than SAS 136; Issues with multiple employer plans; Multi-employer chapter; and SAS 145 and other new SAS coming up.
Legislative Issues: What’s Coming
During this session, we will have a Discussion of key points for the proposed SECURE 2.0 working its way through Congress, Guidance from DOL on 2022 Form 5500 and the impact on MEPs and PEPs, and Keeping our eyes on the key regulatory changes implemented in 2022 (PTE 2020-02, Lifetime Illustration, LTPT)
Common Audit Deficiencies
This session will explore: Overview of types of plans and deficiencies in each; 403B | 401K | ESOPs and Multi-employer plans (contributions in payroll test work); Examples of fair value disclosures; Examples of “good” documentation of audit testing; SOC reports and testing: Are SOC reports being used properly? and Understanding how to test.
Most Common Operational Errors and Fixes
In this session, we’ll explore several key plan operational errors. We’ll discuss how these errors can more readily be discovered by plan auditors, as well as various options available to remedy identified errors. Topics covered: Untimely remittances of contributions, Incorrect definition of compensation, Participant loan errors, and Impact on auditor’s report, financial statements, footnote disclosures
CPAs who perform employee benefit plan audits and senior managers, staff, financial professionals, individual advisers and attorneys who specialize in working on employee benefit plans.
CPAs who perform employee benefit plan audits and senior managers, staff, financial professionals, individual advisers and attorneys who specialize in working on employee benefit plans.