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21SR-0026: Advanced Audits of 401(k) Plans: Best Practices and Current Developments (Virtual)

Date Thursday, December 2, 2021
Time 8:30am - 4:30pm
Central Time
Location Online
CPE credits CPE 8.0
of study
Auditing - Technical (8.0)
Instructor Marjorie Heap, CPA
Peterson Whitaker & Bjork, LLC
Standard Member Fee $325.00
Standard Nonmember Fee $375.00
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Recent U.S. Department of Labor reviews paint a glum picture of employee benefit plan audits: the quality is significantly lacking. The AICPA has reacted by issuing SAS 136, effective for audits of plans with year-ends after Dec. 15, 2021. Get up to speed on the issues and changes happening in the world of 401(k) plan audits. Examine the existing and new rules and regulations unique to employee benefit plans and gain practical guidance on how to apply them. Learn about common compliance mistakes for 401(k) audits and get tips to avoid or correct them. Come away with guidance to boost the quality and efficiency of your 401(k) benefit plan audits.

Who should take this program?

Experienced practitioners responsible for planning and performing employee benefit plan audit engagements

Major subjects

  • Updates and changes affecting 401(k) plans
  • Compliance issues associated with eligibility, enrollments, remittances, lack of oversight, compensation, vesting and more
  • Best practices for engagement planning, internal controls, risk assessment and detailed testing
  • How to avoid common mistakes
  • How to handle issues such as payroll and compensation, participant loans, hardship distributions, investments and more
  • Plan mergers and acquisitions
  • Common audit reporting and disclosure issues
  • The new audit standard for employee benefit plans

Learning objective(s)

  • Identify current year changes to the rules and regulations affecting 401(k) plans
  • Examine the most common compliance issues encountered in 401(k) plan audits, what to watch for and how to ensure compliance
  • Perform efficient and effective procedures associated with planning, internal controls, risk assessment and detailed audit tests
  • Explain the documentation and procedures related to plan mergers and acquisitions
  • Discuss best practices associated with advanced audit areas including participant loans, payroll, compensation, investments, etc.
  • Understand the risks associated with a benefit plan audit engagement


Course code Code 21SR-0026
Sponsor Minnesota Society of CPAs
NASBA ID#: 139884
Level Advanced
Format Group Internet Based
Prerequisites Prereq. Detailed understanding of auditing defined contribution plans recommended.
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