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

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

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Category:
Accounting and Auditing
Course Levels:
Advanced
Duration:
8
License:
Access for 90 day(s) after program date.

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.
Major Topics:
• 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
Learning 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
DESIGNED FOR Experienced practitioners responsible for
planning and performing employee benefit plan
audit engagements
LEVEL OF
KNOWLEDGE Advanced
CPE CREDITS 8 – Auditing
PREREQUISITE Understanding of auditing defined contribution
plans

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