AICPA & CIMA

The AICPA has a wealth of resources for many aspects of ERISA and retirement planning. AICPA staff and members will review these resources to give participants familiarity with what they can offer for a vibrant ERISA practice or to plan sponsors for use by internal accounting or human resources staff – or even plan participants.

Learning Objectives:

Identify tools from the AICPA Tax Technical Resource Panel
Recall tax advocacy initiatives
Identify AICPA Tax Section tools

Category: Concurrent Session Online

Peer Review Part I

Apr 28, 2021 8:10am ‐ Apr 28, 2021 9:00am

Identification: EBP21203

Note for Peer Reviewers: You must attend both sessions to satisfy your annual EBP must-select training requirement.

This session will address new and recent changes to guidance related to peer reviews of employee benefit plan (EBP) audit engagements. For peer reviewers, attendance of both parts I and II will satisfy the annual peer review must-select training requirement to review EBP engagements.

This session is designed to be interactive with discussion of specific issues related to conducting reviews, using the EBP checklist, and real-life EBP audit findings. This presentation is primarily designed for peer reviewers; however these sessions will help subject matter experts gain insight to the peer review process and the benefits of serving as a team member in peer reviews.

Presenters will provide:

Insights regarding challenges faced by peer reviewers and auditors during times of uncertainty resulting from the COVID-19 pandemic
Updates about recent or upcoming changes to professional standards applicable to EBP audit engagements
An overview of recent changes to the Peer Review Employee Benefit Plan Audit Engagement Checklist, including considerations related to bolded questions.

Learning Objectives:

Analyze risk factors of employee benefit plan engagements such as changes in the economic environment, risks of material misstatement, internal control and financial statement presentation and disclosure considerations
Differentiate reporting requirements and effective dates for existing and newly issued professional standards impacting audits of employee benefit plans
Identify recent changes to the peer review checklist for employee benefit plan audit engagements

Category: Concurrent Session Online

Uncovering Opportunities to Boost Quality and Efficiency in your EBP Audits - Presented by CPA.Com

Apr 28, 2021 8:10am ‐ Apr 28, 2021 9:00am

Identification: EBP21204

Managing an EBP practice today can be challenging when it comes to implementing new standards, managing client collaboration and evolving technology. Join us as we examine the challenges firms face in their typical approach to ensure quality EBP audits. We'll discuss opportunities that might be quick wins in helping you drive more efficient, high quality engagements.

Learning Objectives:

Identify common places where firms struggle in their EBP practice (and causes)
Discover opportunities to improve quality, efficiency and value in your EBP practice
Determine technology's role in increasing EBP audit effectiveness

Category: Concurrent Session Online

Peer Review Part II

Apr 28, 2021 9:10am ‐ Apr 28, 2021 10:25am

Identification: EBP21205

Insights regarding challenges faced by peer reviewers and auditors during times of uncertainty resulting from the COVID-19 pandemic
Updates about recent or upcoming changes to professional standards applicable to EBP audit engagements
An overview of recent changes to the Peer Review Employee Benefit Plan Audit Engagement Checklist, including considerations related to bolded questions.

Learning Objectives:

Analyze risk factors of employee benefit plan engagements such as changes in the economic environment, risks of material misstatement, internal control and financial statement presentation and disclosure considerations
Differentiate reporting requirements and effective dates for existing and newly issued professional standards impacting audits of employee benefit plans
Identify recent changes to the peer review checklist for employee benefit plan audit engagements

Category: Concurrent Session Online

Intersecting with Bias

Apr 28, 2021 9:10am ‐ Apr 28, 2021 10:25am

Identification: EBP21206

Unconscious bias is prevalent in our culture and can make its way into firms and affect how we interact with clients. During this session, we will go through interactive exercises, exploring unconscious biases and discovering how bias influences functions within your business. Using the Mentimeter platform, we will look at anonymous polling from you, the audience, to tie the impact bias concepts to real-life examples in an honest and transparent way.

Learning Objectives:

Define common terms about unconscious bias
Recognize biases and assumptions and their impact on decisions and outcomes
Commit to a personal goal of addressing unconscious bias within your sphere of influence

Category: Concurrent Session Online

Creative Ways to Design Retirement Plans

May 3, 2021 9:50am ‐ May 3, 2021 11:05am

Identification: EBP2104

Retirement plans come in many shapes & sizes, each with a unique mix of features, requirements, and advantages & disadvantages. Choosing the type of plan and the basic features is the only first step in the plan design process. The creative part comes in tailoring the plan design to align with the needs of the company and is appreciated by employees as a valuable benefit.

This session will focus on tax-qualified plans and will address the different types of qualified plans, their features and how to take advantage of the options available to create the optimal plan, or combination of plans, for the client.

Learning Objectives:

Recognize the types of retirement plans and the features associated with each
Recall what considerations may be most important when selecting the optimal plan type & design features
Identify how to tailor retirement plans to best meet the needs of the plan sponsor and plan participants

Category: Concurrent Session Online

Fiduciary Governance in a Cyber Environment

May 3, 2021 12:05pm ‐ May 3, 2021 1:20pm

Identification: EBP2108

This session will help auditors and plan sponsors understand the current legislative and regulatory environment dealing with cyber risk. The speakers will discuss appropriate prudence for fiduciaries and provide direct language to look for in contracts with providers. Highlights are as follows:

Key insurance terminology and exclusion language to look for when observing or buying cyber insurance – both in general and for employee benefit plans.
What auditors need to know about the current cyber risk environment for the plan and plan participants and how to best document the actions taken to prevent loss in current risk categories – learn how to self-assess your risk.
The latest cyber cases that can impact plan sponsors and best practices to adopt to protect fiduciary risk.

Learning Objectives:

Identify key insurance terminology and exclusion language to look for when observing or buying cyber insurance – both in general and for employee benefit plans.
Recognize how to self-assess your risk- what auditors need to know about the current cyber risk environment for the plan and plan participants and how to best document the actions taken to prevent loss in current risk categories.
Identify the latest cyber cases that can impact plan sponsors and best practices to adopt to protect fiduciary risk.

Category: Concurrent Session Online

Understanding the Tangled Web of Compensation and How It Can Impact Your Retirement Plan

May 3, 2021 12:05pm ‐ May 3, 2021 1:20pm

Identification: EBP2109

Compensation plays an important role in all types of retirement plans. Understanding compensation and the various definitions of compensation is critical because misunderstanding can cause significant plan operational issues.

Learning Objectives:

Recognize the common (and not so common) components of compensation
List compensation definitions commonly seen in retirement plans
Identify common errors founds when determining eligible compensation

Category: Concurrent Session Online

Certifications: A Deeper Dive: Not as Shallow as you Think

May 3, 2021 12:05pm ‐ May 3, 2021 1:20pm

Identification: EBP2110

The plan administrator has determined that a ERISA 103(a)(3)(c) audit is permissible. What can you do to make sure the audit is shipshape? This session will help participants effectively navigate an audit that relies on certified information, including taking a closer look at how plan administrators and auditors can assess whether the certified information is appropriately measured, presented, and disclosed in accordance with the applicable financial reporting framework. While SAS 136 did not change 29 CFR 2520.103-8, this session provides a refresher on the qualifications and requirements of certifying institutions. This session will also provide an opportunity to discuss frequently asked questions and best practices in engaging certifying entities.

Learning Objectives:

Determine necessary qualifications and requirements of certifying institutions to perform an audit under ERISA 103(a)(3)(c).
Utilize an efficient framework for comparing the valuations reported and certified by qualified institutions holding plan assets, to the fair valuation guidance set forth by FASB, to effectively analyze plan management’s assessment of the certification.

Category: Concurrent Session Online

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