Audits of ERISA Plans, with a Focus on 401(k) Plans

Description

Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers due to history of noncompliance with applicable professional standards. Auditors require proper skills to perform EBP engagements effectively. You will work through the plan audit process from engagement acceptance to reporting and completion. As the most common type of plans audited, you will take a deep dive into 401(k) plans. Tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency.

Highlights

  • GAAP vs. ERISA reporting requirements
  • Audit planning
  • Risk assessment, including consideration of internal control
  • Auditing the statement of net assets available for benefits
  • Auditing the statement of changes in net assets available for benefits
  • Other auditing considerations, including prohibited transactions and tax compliance
  • The auditor's report
  • Financial statement disclosures
  • Supplemental schedules

Objectives

When you complete this course you will be able to:

  • Recognize accounting and auditing requirements for a compliant audit of defined contribution plans.
  • Identify appropriate audit procedures to plan, perform and report on 401(k) financial statements.
  • Recognize new auditing, accounting and regulatory developments impacting EBP audits, including SAS No. 136.

Designed For

Auditors of EBPs, practitioners considering the addition of EBP audits as a service offering, and accountants and finance professionals in business and industry responsible for company benefits.



Leaders

Bruce Shepard

Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies. Bruce has many years of governmental experience around Portland, Oregon where he practiced for 3 years. In addition, Bruce has taught all of the governmental accounting and auditing classes for the AICPA for the last four years including being the lead instructor on GASB 68. Presently, Bruce is the author of the AICPA course, Audits of Banks and Other Financial Institutions.

At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring of the transactions. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon.