In this session, we will provide an update on the latest developments in auditing and accounting standards. We will look back at AU-C 703 and discuss what to expect. Reporting differences between certified and not certified audits will also be discussed. We will explore the key differences between these two types of audits and provide guidance on how to report on these findings. Lastly reportable findings, and the impact of new auditing standards such as SAS 142, 143, 144, and finally SAS 145. 

In today's ever-changing landscape, it's important to stay up to date on the latest developments in the audit environment. This session will cover key topics that impact audit engagements, including cybersecurity, workforce communication, and internal controls.

Employee benefit plans which are subject to audits performed by independent auditors, as required by the Department of Labor, generally utilize third-party services providers to perform key functions related to the operation of the employee benefit plan. Auditors are obligated to understand and evaluate the internal controls in place at these third-party service providers, which are generally documented in a SOC 1 report. This presentation provides insight on the risk assessment process, the evaluation of internal controls, and the appropriate use of SOC 1 reports. 

In this session, we'll explore the auditor's responsibilities when it comes to reconciling information in Form 5500 to the Plan financial statements. We'll discuss what the auditor needs to do, as well as the supplemental schedules that are frequently required. Throughout the session, we'll provide practical tips and insights for auditors, helping them navigate the complex landscape of Plan audits and Form 5500.