Highlights
8:00–9:20 a.m.
A1. Department of Labor Update
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Within the Department of Labor, the Office of the Chief Accountant (OCA) monitors compliance with reporting requirements for all ERISA-covered employee benefit pension and health and welfare plans. Hear directly from Lynne McMennamin, assistant chief in the OCA’s Division of Reporting Compliance, about the OCA, why it matters to you and how it affects Form 5500 filings. Explore findings from the most recent Audit Quality Study, issued in December 2023. Learn about common reporting deficiencies (and how to avoid them), types of OCA enforcement actions and how to help clients comply with ERISA regulations. Gain clarity on the types of notices your clients might receive, how you can help navigate them and what you can do to ensure your audits are satisfactory.
9:30–10:45 a.m.
B1. Impact of Recent Auditing Standards on Employee Benefit Plans
Darlene Bayardo, CPA, Bayardo Accounting and Consulting, PC, Newport Beach, CA
New auditing standards may require changes in your firm’s audit methodology, especially in performing EBP audit risk assessments. Look at recent auditing standards (SAS No. 142-145) that may impact the 2024 ERISA employee benefit plan audit season, including audits of ERISA plan financial statements for periods ending Dec. 31, 2023. Make sure you’re up to date so your audits are conducted in accordance with professional standards and carried out efficiently and effectively. Find out when additional documentation is required and get tips to reduce the risk of deficient audits. Come away with valuable insights and a broader perspective on how others are implementing the new standards.
10:55–11:45 a.m.
C1. Audit Implications of Plan Changes
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Anytime an employee benefit plan endures a change – from switching providers or terminating a plan to EBP freezes, mergers or other big events – there are downstream audit implications and risks. Examine these scenarios and the impact they have on your audits. Find out what to look for and how to adjust your audit approach to address the additional risks that accompany plan changes.
12:45–1:35 p.m.
D1. Recent Findings in Peer Review
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Peer review findings shed light on important issues and opportunities for your audit practice. Look at real-life examples of issues identified in recent peer reviews that have implications for all EBP audits. Learn what peer reviewers are looking for and how to avoid problems. Plus, review professional standards in a variety of areas, including ERISA audits, through the lens of peer review findings.
1:45–2:35 p.m.
E1. Compensation and Compliance Testing
Debra Linder, JD, Fredrikson & Byron, P.A., Minneapolis, MN
Kristin Tveit, CPA, CliftonLarsonAllen LLP, Saint Cloud, MN
The definition of compensation is a very common compliance issue with 401(k) plans. Compensation comes in many forms and can be very complex. Not adhering to the compensation definition, or failing compliance testing, can lead to costly tax qualification issues for plan sponsors. Learn about common issues with following the plan's definition of compensation, what compensation is included and excluded, and how compensation is intertwined with compliance testing. Examine the various compliance tests that apply to defined contribution plans. Find out how to design audit procedures to detect issues with compensation and compliance testing, as well as how to navigate issues that arise.
2:50–4:30 p.m.
F1. Panel Discussion: Ask the Experts
Moderator: Marjorie Heap, CPA, Eide Bailly LLP, Plymouth, MN
Panelists: Darlene Bayardo, CPA, Bayardo Accounting and Consulting, PC, Newport Beach, CA
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
This interactive session highlights the unique perspectives of a variety of seasoned leaders in the employee benefit plan auditing space. Hear from Lynne McMennamin, Darlene Bayardo and Randy Dummer about pressing hot topics affecting your work.