Highlights
- Department of Labor Update
- Regulatory Update
- Avoiding common workpaper deficiencies
- Auditing in a Virtual Environment: Tips and Tricks
- Planning for Employee Benefit Plan Audits: 2021 and Beyond
- Panel Discussion: Ask the Experts
SESSIONS
8:30–9:50 a.m.
A1. Department of Labor Update
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Discuss the work being done at Employee Benefits Security Administration’s (EBSA) Office of the Chief Accountant, including the office’s audit quality study and changes to the 2021 Form 5500 to align with SAS 136. Get tips on how to help your clients comply with Employee Retirement Income Security Act (ERISA) and what to do if OCA decides to review your plan's filing. Learn common reporting deficiencies, including errors in reporting on investments and supplemental schedules, and where you may need to improve your auditing procedures or documentation. Examine why some audits of employee benefit plans are deemed deficient, what you can do to ensure your audits are satisfactory and how to respond if you receive a notice from the DOL.
10:05–10:55 a.m.
B1. Regulatory Update
Eileen Brassil, CPA, CFE, Legacy Professionals LLP, Westchester, IL
Plan financial statement audits must include an understanding of laws and regulations. Being up to date on compliance issues will help you initiate discussions throughout the course of the audit with the engagement team, plan sponsor and plan management. Learn about the changes in laws and regulations that will affect employee benefit plans in 2022. Hear about compliance issues for multiple-employer plans and pooled employer plans, Form 5500’s revised instructions that reflect the provisions of the SECURE Act, as well as the many relief provisions affecting benefit plans contained in the American Rescue Plan Act and CARES Act.
11:10 a.m.–12:25 p.m.
C1. Don’t Let Your Guard Down: Avoiding Common Workpaper Deficiencies
Rance Buss, CPA, Weaver LLP, Houston, TX
Arm yourself with expertise specific to employee benefit plan audit engagements and maintain an understanding of the audit areas that can be troublesome, especially when it comes to documentation. Receive practical guidance on documenting your work in accordance with audit standards and ensuring your workpapers tell the complete story of your efforts. Learn how to determine if your sample sizes are sufficient based on a risk assessment. Dive into real-world examples of how to document substantive testing areas such as eligibility, contributions, distributions, participant loans and investments. Uncover opportunities to improve audit quality and avoid challenges with peer reviews.
1:10–2:50 p.m.
D1. ERISA Section 103(a)(3)(C) Audits
Brian Price, CPA, QKA, PriceKubecka, PLLC, Addison, TX
The revised effective date for SAS 136 applies to all single employer, multiple-employer and multiemployer ERISA employee benefit plans with audit periods ending on or after Dec. 15, 2021. Gain a comprehensive overview of ERISA Section 103(a)(3)(C) audits (formerly known as limited-scope audits), with a focus on the changes that came about with SAS 136. Learn how these new audit requirements impact engagement acceptance procedures, engagement letters, consideration of relevant plan provisions in risk assessment, changes to the management representation letter, auditor's report changes and managing client expectations throughout the engagement.
3:05–4:45 p.m.
E1. Panel Discussion: Ask the Experts
Moderator: Marjorie Heap, CPA, Eide Bailly LLP, Plymouth, MN
Panelists:
Eileen Brassil, CPA, CFE, Legacy Professionals LLP, Westchester, IL
Rance Buss, CPA, Weaver LLP, Houston, TX
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Brian Price, CPA, QKA, PriceKubecka, PLLC, Addison, TX
Take advantage of this interactive session and get answers to your most pressing questions. Get practical help with the new audit standard (SAS 136), the ever-changing regulatory environment, the continuing impact of COVID on plans and auditing, best practices and more.