Overview
With SAS 136, the AICPA’s new audit standard for employee benefit plans (EBPs), effective, it is time to get up to speed on all the guidance you will need to perform your EBP audits for this year-end. Discuss what’s the same and what's different under SAS 136, including the auditor’s and plan sponsor’s responsibilities when electing and performing an ERISA Section 103(a)(3)(C) audit. Reviews laws and regulations such as ERISA, which are unique to employee benefit plans and provide practical guidance on their application, focusing on the most common compliance issues identified in 401(k) audits from the Department of Labor and peer reviews, along with recommended corrections. Auditors will identify best practices in implementing SAS 136 and auditing such areas as payroll and compensation, participant loans, hardship distributions, investments, plan mergers/acquisitions, etc.
Objectives
- Identify key provisions of recently issued SASs
- Identify the current year changes to the rules and regulations affecting 401(k) plans
- Understand the most common compliance issues encountered in 401(k) plan audits, pitfalls to watch out for, and strategies to ensure compliance
- Perform efficient and effective procedures associated with planning, internal controls, risk assessments, and detailed audits
- Explain the documentation and procedures related to plan mergers and acquisitions
- Discuss the best practices associated with advanced audit areas, including participant loans, payroll, compensation, and investments
- Understand the risks associated with a benefit plan audit engagement
Prerequisite
A basic understanding of auditing defined contribution plans
