Advanced Audits of 401(k) Plans: Best Practices and Current Developments

Monday, November 15 9:00am - 4:30pm

(Check-In 8:45am)

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8.00 Credits

Member Price $269.00

Price will increase by $35 on 11/8

Non-Member Price $394.00

Price will increase by $35 on 11/8

Overview

As we saw from the recent United States Department of Labor review of employee benefit plan audits, auditors need to raise their game in order to provide the quality audits that plan stakeholders demand. The AICPA has reacted by issuing a proposed SAS that will significantly impact how audits of these plans will be performed. Now is the time to get up to speed on these significant issues and changes occurring in the world of 401(k) plan audits. In this advanced course, we will discuss both the existing and new rules and regulations unique to employee benefit plans as well as provide practical guidance on their application. The most common compliance issues identified in 401(k) audits will be explored along with recommended corrections. Auditors will identify best practices for handling specific issues that arise during the course of the engagement related to payroll and compensation, participant loans, hardship distributions, investments, plan mergers/acquisitions, etc. Efficient audit techniques that can be utilized in various audit engagements will also be identified. This is the course to take to help you improve the quality of your 401(k) benefit plan audits.

Highlights

  • Annual update of the changes affecting 401(k) plans 
  • Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc. 
  • Best practices for engagement planning, internal controls, risk assessment, and detailed testing 
  • How to avoid common mistakes made while performing audit procedures 
  • Plan mergers and acquisitions 
  • Common audit reporting and disclosure issues 
  • The new audit standard for employee benefit plans

Prerequisites

Detailed understanding of auditing defined contribution plans

Designed For

Experienced practitioners responsible for planning and performing employee benefit plan audit engagements

Objectives

  • Identify the current year changes to the rules and regulations affecting 401(k) plans 
  • Examine the most common compliance issues encountered in 401(k) plan audits, what to watch out for, and what can be done to ensure compliance 
  • Perform efficient and effective procedures associated with planning, internal controls, risk assessment, and detailed audit 
  • Explain the documentation and procedures related to plan mergers and acquisitions 
  • Discuss best practices associated with advanced audit areas including participant loans, payroll, compensation, investments, etc. 
  • Understand the risks associated with a benefit plan audit engagement

Notice

By registering for this program and, accordingly, receiving the eMaterials, you're acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Leader(s):

Leaders

Daryl Krause

Daryl G. Krause, CPA DG Krause LLC / Indianapolis, Indiana

Mr. Krause has CPA certifications in several Midwestern states. He practices public accounting as manager and CEO of his regional CPA firm, DG Krause LLC, headquartered in Indianapolis, Indiana. Founded by Daryl in 2005, DG Krause LLC has been a member of the AICPA’s Employee Benefit Plan Audit Quality Center since 2005, and performs employee benefit plan audit services, for which Daryl serves as the sign-off partner. Since 2008, Daryl has been a frequent CPE program leader/facilitator for the AICPA, Surgent, the Ohio Society of CPAs, Indiana CPA Society, and other state societies throughout the United States of America, as well as in-house programs sponsored by firms and organizations. He was recognized as a Surgent Outstanding Discussion Leader during the 2018 CPE season. He has performed technical reviews during the development of certain AICPA CPE programs, and has been chosen periodically to instruct CPE programs for the AICPA’s own professional staff. He has been the author (and webcast presenter for the 8-hour program) of the AICPA’s primary 8- and 4-hour CPE programs Leases: Mastering the New FASB Requirements and The Bottom Line on the New Lease Accounting Requirements for each year since 2018. He is a contributing author to the AICPA’s CPE Direct Journal of Accountancy quarterly materials. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served as an auditor included manufacturing, construction, real estate, and financial services. Roles included Ohio Valley Area Director of Employee Benefit Plan Services (in which he was responsible for overseeing the audit services provided to over 500 ERISA employee benefit plans each year for an 8-year period) and senior manager in the Entrepreneurial Services group. As a senior manager in EY’s National Professional Development group for a 5-year period, he was involved in designing, developing and delivering core curriculum Audit and Entrepreneurial Services CPE training programs for the entire U.S. practice. Mr. Krause holds a Bachelor of Business Administration degree in accounting from the University of Wisconsin-Oshkosh.

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Non-Member Price $394.00

Member Price $269.00