Date: May 23 - 24, 2023
Time: 8:30 a.m. – 12:01 p.m. PT
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.
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.
Basic knowledge of accounting and auditing and experience with employee benefit plan audits.
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
Do you wonder what’s going on at EBSA's Office of the Chief Accountant? Come to this session and find out.
This session will include:
Employee benefit plan audits are subject to strict rules and regulations, and failure to comply with these requirements can lead to significant penalties and legal liabilities. In this session, we will explore the most common audit deficiencies for employee benefit plans and provide practical guidance on how to avoid them.
This session will explore recent legislative and regulatory developments affecting benefit plans. We will also briefly cover recent ERISA litigation.
In this session we will cover a brief outline of employee benefit plan types, beyond 401(k) Plans. We will then take a deeper dive into multi-employer plans and some of the unique characteristics surrounding participant data.
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.