Advanced Audits of 401(k) Plans: Best Practices and Current Developments (AAFP)
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Category:\sAccounting and Auditing\sCourse Levels:\sAdvanced
Duration:\s8
License:\sAccess for 90 day(s) after program date.
As we saw from the recent United States Department of Labor review of\semployee benefit plan audits, auditors need to raise their game in order to\sprovide the quality audits that plan stakeholders demand. The AICPA has\sreacted by issuing a proposed SAS that will significantly impact how audits of\sthese plans will be performed. Now is the time to get up to speed on these\ssignificant issues and changes occurring in the world of 401(k) plan audits.
In this advanced course, we will discuss both the existing and new rules and\sregulations unique to employee benefit plans as well as provide practical\sguidance on their application. The most common compliance issues identified\sin 401(k) audits will be explored along with recommended corrections.
Auditors will identify best practices for handling specific issues that arise\sduring the course of the engagement related to payroll and compensation,\sparticipant loans, hardship distributions, investments, plan mergers/\sacquisitions, etc. Efficient audit techniques that can be utilized in various\saudit engagements will also be identified. This is the course to take to help\syou improve the quality of your 401(k) benefit plan audits.
Major Topics:\s• Annual update of the changes affecting 401(k) plans
• Compliance issues associated with eligibility and enrollments, remittances,\slack of oversight, compensation, vesting, etc.\s• Best practices for engagement planning, internal controls, risk assessment,\sand detailed testing\s• 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 Objectives:
• Identify the current year changes to the rules and regulations affecting\s401(k) plans\s• Examine the most common compliance issues encountered in 401(k) plan\saudits, what to watch out for, and what can be done to ensure compliance
• Perform efficient and effective procedures associated with planning,\sinternal controls, risk assessment, and detailed audit
• Explain the documentation and procedures related to plan mergers and\sacquisitions
• Discuss best practices associated with advanced audit areas including\sparticipant loans, payroll, compensation, investments, etc.\s• Understand the risks associated with a benefit plan audit engagement
DESIGNED FOR Experienced practitioners responsible for\splanning and performing employee benefit plan\saudit engagements
LEVEL OF\sKNOWLEDGE Advanced\sCPE CREDITS 8 – Auditing\sPREREQUISITE Understanding of auditing defined contribution\splans
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Advanced Audits of 401(k) Plans: Best Practices and Current Developments (AAFP)
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