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Advanced Audits of 401(k) Plans: Best Practices and Current Developments (AAFP)

Wednesday, December 4, 2024
09:00 AM - 05:00 PM (Eastern)

Melissa Critcher, CPA, PC

  • Format Webinar
  • Credits 8.00
  • Level Advanced
  • Field of Study Auditing (8)

$299.00


Overview


Looking to improve the quality of your 401(k) benefit plan audits? This is the course for you. Based on recent data from the U.S. Department of Labor and peer reviews on employee benefit plan audits, we know auditors need to up their game to meet stakeholder demands and provide the best possible audit services.

In this advanced course, we will discuss the audit and reporting requirements in accordance with SAS 136 and other recently issued SASs. We will also discuss laws and regulations (such as ERISA) that are unique to employee benefit plans and provide practical guidance on their application. Course topics will focus on the most common compliance issues identified in 401(k) audits by the Department of Labor and peer reviews, as well as recommended corrections. Auditors will identify best practices for auditing areas such as payroll and compensation, participant loans, hardship distributions, investments, and plan mergers and acquisitions.

Major Topics:

  • Audit requirements for ERISA §103(a)(3)(C) audits
  • An annual update of the changes affecting 401(k) plans
  • Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, and other topics
  • Best practices for engagement planning, internal controls, risk assessment, and detailed testing
  • Avoiding common mistakes while performing audit procedures
  • Plan mergers and acquisitions
  • Common audit reporting and disclosure issues

Learning Objectives

  • Identify key provisions of recently issued SASs
  • Identify the current year changes to the rules and regulations affecting 401(k) plans
  • Understand the most common compliance issues encountered in 401(k) plan audits, pitfalls to watch out for, and strategies to ensure compliance
  • Perform efficient and effective procedures associated with planning, internal controls, risk assessments, and detailed audits
  • Explain the documentation and procedures related to plan mergers and acquisitions
  • Discuss the best practices associated with advanced audit areas, including participant loans, payroll, compensation, and investments
  • Understand the risks associated with a benefit plan audit engagement

Who should take this course:

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

A basic understanding of auditing defined contribution plans

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