COURSE OBJECTIVE
The course introduces staff auditors to the special considerations of employee benefit plan audits, from industry background and audit planning through participant tests, wrap-up and financial statement preparation. The course is also appropriate for in-charge/senior auditors and new managers that have limited experience in employee benefit plan auditing. This course has been developed by a Task Force of AGN member firms with significant employee benefit plan audit experience, and includes workpaper techniques and best practices from those firms. The instructors are from AGN member firms.
Employee Benefit Plan Industry Understanding — 4 Hours Auditing
- Overview and Vocabulary
- Basics of Relevant Regulations
- The Role of Attorneys, Third Party Administrators and Custodians
- Plan Documents
- Plan Independence Issues
- Understanding and Documenting Internal Controls
- Using SAS 70 Reports
Audit Planning — 1.5 Hours Auditing
Fraud Risk — .5 Hours Auditing
401K Plans — 4.5 Hours Auditing
- Auditing Eligibility
- Auditing Contributions
- Auditing Investment Elections
- Auditing Participant Income
- Auditing Distributions
Auditing Investments — .5 Hours Auditing, .5 Hours Accounting
Plan Financial Statements and Reporting — 1.5 Hours Accounting
SAS 112 and 114 — 1 Hour Auditing
Defined Benefit Plans, Wrap Up & Communication — 2 Hours Auditing
- Actuarial Reports
- Auditing Participant Data
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