4.00 CPE Credit Hours
Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers, due to a history of noncompliance with applicable professional standards. Auditors are required to have proper skills to perform EBP engagements effectively. In this course, you will focus on auditing the statement of net assets available for benefits and the statement of changes in net assets available for benefits, as well as certain disclosures. Tap into ways to plan and conduct effective risk-based 401(k) audits to comply with professional standards while maximizing efficiency.
Auditors of EBPs, practitioners considering the addition of EBP audits as a service offering, and accountants in business and industry responsible for company benefits
When you complete this course you will be able to:
- Identify procedures to test the line items of the statement of net assets available for benefits, including investments.
- Identify procedures to test the activity reflected in the statement of changes in net assets available for benefits, including participant testing.
- Recognize other audit considerations such as those related to related parties, parties in interest and prohibited transactions, and a plan's tax status and Form 5500.
- Auditing the statement of net assets available for benefits
- Types and classification of common plan investments
- Plan investment audit procedures based upon 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 and prohibited transactions, and a plan's tax status and Form 5500
Level of Knowledge