Overview
One of the most favored employee benefit plans, the 401(k) plan, provides unique challenges for auditors. Also, as many 401(k) plan administrators opt for ERISA Section 103(a)(3)(C) audits, audits of 401(k) plans will be significantly impacted by the now-effective SAS 136, the AICPA’s new employee benefit plan auditing standard. Auditors will understand the rules and regulations unique to employee benefit plans, obtain practical guidance on applying them, and enhance their knowledge of the performance and reporting requirements of SAS 136 through real-world examples, best practices and efficient audit techniques that can be utilized in various audit engagements. Ensure your audits don’t trigger a DOL inspection by conforming to all applicable rules and regulations.
Objectives
- Identify the key provisions of SAS 136
- Properly document understanding of the plan, the environment, and internal controls for an employee benefit plan
- Understand the importance of reading, reviewing, and documenting the controls in a service organization control report
- Identify potential audit triggers that may result in Department of Labor inspections
- Understand the risks associated with a benefit plan audit engagement
- Avoid common mistakes noted during peer reviews
Prerequisite
Basic understanding of auditing defined contribution plans
