23WC-0081: Audits of 401(k) Plans (Webinar)

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

Thursday, May 4, 2023
2:00pm - 5:30pm Central Time
4 CPE (4 technical)

Major changes in the audit environment for 401(k) plans have resulted from recent U.S. Department of Labor reviews of 401(k) audits and the issuance of Statement of Audit Standards Number 136 (SAS 136), the Auditing Standards Board's new standard for employee benefit plan audits. This course will assist the audit professional with guidance that will be needed to perform 401(k) audits in the upcoming year. We will discuss the major changes from SAS 136, including both auditor's and plan sponsor's responsibilities when electing and performing an ERISA Section 103(a)(3)(C) audit, which replaced the former limited scope audit. We will also focus on the most common compliance issues identified in 401(k) audits from both Department of Labor and peer reviews, along with best practices and recommended corrections.

Major subjects

• SAS 136 audit requirements for ERISA Section 103(a)(3)(C) audits
• Update of the changes affecting 401(k) plans
• Compliance issues commonly encountered in 401(k) plan audits
• Best practices for engagement planning, internal controls, risk assessment, and detailed testing
• Common audit reporting and disclosure issues

Learning objective(s)

• Understand the key changes in 401(k) plans that resulted from the issuance of SAS 136
• Identify common compliance issues encountered in 401(k) plan audits
• Plan and perform effective audit procedures for 401(k) plan audits

Who should take this program?

Experienced audit professionals who plan and perform 401(k) plan audit engagements

Fees

Standard Member Fee	$159.00
Standard Nonmember Fee	$209.00