Live Stream: Audits of Employee Benefit Plans Subject to ERISA
361 | Livestream | Basic | Scheduled
Description
Employee Benefit Plan (EBP) audit engagements remain under close examination by regulators and peer reviewers, stemming from a historical pattern of noncompliance with applicable professional standards. It is imperative that auditors possess the requisite skills to carry out EBP engagements with proficiency. This involves navigating the audit process from the initial engagement acceptance through to reporting and completion. Given that 401(k) plans represent the predominant plan type subjected to audits, we engage in a comprehensive examination of these plans. Discover strategies to meticulously plan and execute risk-based plan audits, ensuring adherence to professional standards without compromising on efficiency.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 7.00 | Auditing |
| 1.00 | Accounting |
Designed For
Auditors of EBPs, practitioners considering the addition of EBP audits as a service offering, and accountants and finance professionals in business and industry responsible for company benefits.
Highlights
GAAP vs. ERISA reporting requirements:
- Audit planning
- Risk assessment, including consideration of internal control
- Auditing the statement of net assets available for benefits
- Auditing the statement of changes in net assets available for benefits
- Other auditing considerations, including prohibited transactions and tax compliance
- The auditor's report
- Financial statement disclosures
- Supplemental schedules
Objectives
When you complete this course, you will be able to:
- Recognize key terms and definitions related to ERISA plans.
- Identify the different types of employee benefit plans (EBPs).
- Recognize operational and compliance elements of ERISA plans.
- Identify the basic financial statements for all ERISA plans.
- Recognize differences between GAAP and ERISA reporting.
- Identify the risks of material misstatement related to financial statement line items on the statements of net assets available for benefits.
- Recognize audit procedures commonly performed in a defined contribution retirement plan (DC plan) audit, including notes receivable from plan participants.
- Identify audit requirements when using the work of a specialist.
Prices
- Member (Early Bird)
- $299.00
- Non-Member (Early Bird)
- $399.00
- Member
- $299.00
- Non-Member
- $399.00
Instructors
Bruce Shepard, CPA
Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies. Bruce has many years of trusted business advisor experience around Portland, Oregon where he practiced for 33 years. In addition, Bruce has taught all of the accounting and auditing classes, fraud and forensics, pension auditing, SAARS, COSO, and governmental accounting and auditing classes for the AICPA for the last six years including being the lead instructor on GASB 68. Presently, Bruce is the author of the AICPA course, Audits of Banks and Other Financial Institutions.
At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring of the transactions. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded "Beta Alpha Psi Professional of the Year" in 2006 for sustained involvement with the University of Oregon.
Bruce has received the 2017 AICPA Outstanding Discussion Leader Award for her practical approach, enthusiasm, and lively seminars.
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