Advanced Audits of 401(k) Plans: Best Practices and Current Developments
LCPA Member Center Two Lakeway Building
3850 N. Causeway Blvd., Suite 1650
Metairie, LA
70002
8.00 Credits
Member Price $359.00
Price will increase by $50 after 7/24
Non-Member Price $459.00
Price will increase by $50 after 7/24
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 auditing standards. 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.
Highlights
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
Prerequisites
A basic understanding of auditing defined contribution plans
Designed For
Experienced practitioners responsible for planning and performing employee benefit plan audit engagements
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
Preparation
None
Leader(s):
Leader Bios
Jason Carney, Surgent Accounting & Financial Education
Jason Carney, CPA, CISA, PMP, CISSP, CCSP, Esq., is a senior manager at ABS, Inc., a boutique consulting firm based in the Washington, DC metro specializing in complex accounting issues. He is also the principal for IRS Problem Free, a tax resolution service. He has more than 15 years of experience in public accounting, consulting, and industry. His specialties include technical accounting, financial statement audit, information security, and tax controversy. Jason has worked in the financial services, software, and federal finance sectors. Jason has taught more than 100 CPE courses for audiences across the country. He has been consistently well-received and specializes in adapting content for the unique needs of each audience. He believes that relevant and engaging training is essential for career development and business success. Jason is a member of the Minnesota Society of CPAs and was a President’s Scholar at the University of Saint Thomas Law School. He is a member of the Minnesota Bar and holds CPA licenses in five jurisdictions. He is Treasurer for Fort Safety, a non-profit focused on keeping families and children safe online. He wrote “What is Business Intelligence and Why Should CPAs Care?” for Footnote magazine and contributed to the upcoming publication What Every Lawyer Needs to Know About Client Trust Accounts. Jason and his CPA wife enjoy reading, spending time with their two children, and playing with their pet Giant Schnauzer, Sarge.
Non-Member Price $459.00
Member Price $359.00