Audits of 401(k) Plans: New Developments and Critical Issues

Overview

You could pay $0 for this course!
This qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% reimbusement, and firms/companies with over 100 staff will receive 50% reimbursement. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website three weeks in advance to be eligible. The course code for this program is 1137502. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.

One of the most favored employee benefit plans, the 401(k) plan, provides unique challenges for auditors. Also, as many 401(k) plan administrators opt for ERISA Section 103(a)(3)(C) audits, audits of 401(k) plans will be significantly impacted by the now-effective SAS 136, the AICPA's new employee benefit plan auditing standard. Through this course, auditors will obtain an understanding of the rules and regulations unique to employee benefit plans and obtain practical guidance on applying them. Auditors will enhance their knowledge of the performance and reporting requirements of SAS 136 through real-world examples, best practices, and efficient audit techniques that can be utilized in various audit engagements. Make sure your audits don't trigger a DOL inspection by conforming to all applicable rules and regulations.

Highlights

Proper planning of benefit plan audit engagements and developing audit strategy while improving overall efficiency Common pitfalls in planning and detailed audit procedures Changes affecting 401(k) plans, including SAS 136 implementation Common mistakes as noted in peer reviews and DOL inspections

Prerequisites

Basic understanding of auditing defined contribution plans

Designed For

Practitioners responsible for planning and performing employee benefit plan audit engagements

Objectives

Identify the key provisions of SAS 136 Properly document understanding of the plan, the environment, and internal controls for an employee benefit plan Understand the importance of reading, reviewing, and documenting the controls in a service organization control report Identify potential audit triggers that may result in Department of Labor inspections Understand the risks associated with a benefit plan audit engagement Avoid common mistakes noted during peer reviews