Auditing Financial Statements of ERISA Plans - Connecticut Society of CPAs

Overview

You’ll gain an understanding of the statements, disclosures and considerations for plans that file Form 11-K, and learn ways to plan and conduct effective risk-based ERISA plan audits.

Objectives

Identify auditing procedures for the statement of net assets available for benefits and the statement of changes in net assets available for benefits.
Recognize the types and classification of common plan investments.
Distinguish plan investment audit procedures based on type of audit and risk assessment.
Identify audit procedures at the participant level required for investment gains (losses), contributions, and benefit payments or withdrawals.
Recognize the presentation and disclosure requirements in accordance with GAAP.
Identify audit considerations for related parties, parties in interest, and prohibited transactions; a plan's tax status and Form 5500; and Form 11-K filers.

Highlights

Auditing the statement of net assets available for benefits

Types and classification of common plan investments

Plan investment audit procedures based on type of audit and risk assessment

Auditing the statement of changes in net assets available for benefits

Audit procedures at the participant level required for investment gains (losses), contributions and benefit payments or withdrawals

Presentation and disclosure requirements in accordance with GAAP

Audit considerations related to related parties, parties in interest, prohibited transactions, a plan's tax status, and Form 5500 and Form 11-K filers

Designed For

Auditors of employee benefit plans

Practitioners considering the addition of 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.

Return to Top