Audits of Employee Benefit Plans Subject to ERISA

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Overview

Employee benefit plan audits are examined to help you understand the intricacies of EBP planning, reporting and compliance with applicable auditing standards.

Objectives

Recognize key terms and definitions related to ERISA plans.
Identify the different types of employee benefit plans (EBPs).
Recognize operational and compliance elements of ERISA plans
Identify the basic financial statements for all ERISA plans.
Recognize differences between GAAP and ERISA reporting.
Identify the risks of material misstatement related to financial statement line items on the statements of net assets available for benefits.
Recognize audit procedures commonly performed in a defined contribution retirement plan (DC plan) audit, including notes receivable from plan participants.
Identify audit requirements when using the work of a specialist.

Highlights

Audit planning and pre-engagement activities

Risk assessment, including consideration of internal control

Auditing the statement of net assets available for benefits

Auditing the statement of changes in net assets available for benefits

Other auditing considerations, including prohibited transactions and tax compliance

The auditor's report

Financial statement disclosures

Supplemental schedules

Designed For

Auditors of employee benefit plans

Practitioners considering adding EBP audits as a service offering

Accountants in business and industry responsible for company benefits

Prerequisites

None

Notice

You will receive an email from the AICPA with instructions to access the webinar.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Randy Dummer, Owner/Member at HHM CPAs

Leader Bios

Randy Dummer, Owner/Member at HHM CPAs

Randy Dummer joined HHM in 2011 as a quality control partner in the Accounting and Assurance Department. He leads the firm in many initiatives including the peer review practice and employee benefit plan audit niche, in addition to providing technical reviews for clients in multiple industries such as auto dealerships, nonprofits, construction and manufacturing.

He is a nationally recognized employee benefit plan audit specialist and leads discussions for the American Institute of CPAs (AICPA) in this area. His skills as a discussion leader have deemed him an eight-time winner of the AICPA Outstanding Discussion Leader Award. His teaching pursuits include instructing the Audits of 401(k) plans webcast since 2014 and teaching various employee benefit plan audit courses since 2006. He serves as the audit partner for audits of 401(k) plans, 403(b) plans, ESOPs, Defined Benefit Pension Plans, and Health & Welfare Plans.

As the captain for approximately 50 peer reviews each year, he helps other CPA firms raise the bar of quality for accounting, auditing and attestation services. He has been on the peer review committee of the Tennessee Society of Certified Public Accountants (TSCPA) since 2013. In addition, he is an approved Employee Retirement Income Security Act (ERISA) audit subject matter expert for the AICPA enhanced oversight project.

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