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21WS-1671: Surgent's Advanced Audits of 401(k) Plans: Best Practices and Current Developments (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Date Wednesday, November 24, 2021
Time 8:00am - 4:00pm
Central Time
Location Online
CPE credits CPE 8.0
Field(s)
of study
Auditing - Technical (8.0)
Instructor Melissa Critcher, CPA
Melissa G. Critcher, CPA, PC
Fees
Standard Member Fee $259.00
Standard Nonmember Fee $259.00

Description

As we saw from the recent United States Department of Labor review of employee benefit plan audits and recent peer review results, auditors need to raise their game in order to provide the quality audits that plan stakeholders demand. The AICPA has reacted by issuing SAS 136, effective for audits of plans with year-ends after 12/15/21. Now is the time to get up to speed on both the current and new requirements. In this advanced course, we will discuss both the existing and new rules and regulations unique to employee benefit plans as well as provide practical guidance on their application. The most common compliance issues identified in 401(k) audits will be explored along with recommended corrections. Auditors will identify best practices for handling specific issues that arise during the course of the engagement related to payroll and compensation, participant loans, hardship distributions, investments, plan mergers/acquisitions, etc. Efficient audit techniques that can be utilized in various audit engagements will also be identified. This is the course to take to help you improve the quality 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

  • Annual update of the changes affecting 401(k) plans
  • Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc.
  • Best practices for engagement planning, internal controls, risk assessment, and detailed testing
  • How to avoid common mistakes made while performing audit procedures
  • Plan mergers and acquisitions
  • Common audit reporting and disclosure issues
  • The new audit standard for employee benefit plans

Learning objective(s)

  • Identify the 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 out for, and what can be done to ensure compliance
  • Perform efficient and effective procedures associated with planning, internal controls, risk assessment, and detailed audit
  • 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

Notes:

Course code Code 21WS-1671
Sponsor Surgent
NASBA ID#: 103212
Level Advanced
Format Group Internet Based
Prerequisites Prereq. Detailed understanding of auditing defined contribution plans
Advance
prep
None

If you have questions about this event, please call us at 952-831-2707.