For the beginner, employee benefit plan audits have always presented unique challenges and practice risks. This basic to intermediate course will address many of these challenges and provide the skills to: Avoid the most common deficiencies identified by the DOL and peer reviewers Plan a defined contribution 401(k) audit Identify unique employee benefit plan (EBP) audit risks including the risk of fraud Perform the level of service requested by plan Perform required audit testing Consider the SOC report Identify and effectively document the required procedures Prepare U.S. GAAP and DOL compliant financial statements
Participants will be able to: Understand the required procedures of auditing defined contribution plans in accordance with GAAS Understanding the DOL requirements Identify requirements of limited scope exception Identify audit risk areas including the risk due to fraud Develop and perform appropriate audit testing to address the assessed audit risks Link the risk assessed with the evidence accumulated Communicating with those charged with governance Reporting internal control deficiencies Avoid mistakes and deficiencies in preparing U.S. GAAP and DOL compliant financial statements Identify compliance programs available under EBSA
Practitioners in public accounting firms that audit defined contribution pension plans emphasizing 401(k) plans.
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