When auditing employee benefit plan, you not only need to know auditing guidance but due to the uniqueness of these audits, you need to understand compliance requirements as well. Pairing these two together and keeping track of all documentation needed can be challenging. This course will help you identify those unique audit areas and provide various working paper examples that will assist you in understanding these specialized audit procedures and the documentation necessary to perform an audit in accordance with the applicable standards. You will work through the testing of audit areas such as participant data, contributions and contributions receivable, benefit payments, parties in interest and prohibited transactions, subsequent events, commitment and contingencies, and administrative expenses and gain knowledge of key audit deficiencies. In addition, throughout this course you will participate in group exercises which include specific working papers in order to understand what is required for documenting your audit procedures. You will gain an understanding of the audit reporting requirements, financial statements, including note disclosures, as well as the communications to those charged with governance.
Identify audit areas unique to employee benefit plans. Recall procedures for the specialized audit areas. Recognize the documentation necessary to perform a quality audit. Distinguish between the documentation requirements on an employee benefit plan audit compared to a financial statement audit.
DOL, peer review and AICPA roles in employee benefit plans Planning for the audit Audit areas unique to employee benefit plans Audit procedures and documentation unique to employee benefit plans Common employee benefit plan audit deficiencies Audit reporting of an employee benefit plan Financial statement and note disclosures Governance communication required in an employee benefit plan audit