Advanced Coverage Testing

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

Identification: EBP2111

Coverage testing under IRC Section 410(b) is a core nondiscrimination test that applies to all qualified plans. Sponsoring multiple plans, using leased employees, acquiring another entity by merger or acquisition, or owning or being owned by a foreign entity can complicate and impact this testing. This session will look past the basic Ratio Percentage test and explore more advanced testing techniques such as Average Benefits Test and plan aggregation options. You will also learn to identify failed tests and the options and timing for correction.
Learning Objectives:
  • Compare the Ratio Percentage Test with the Average Benefits Test
  • Analyze who is the Employer for the testing group, including the impact of mergers or acquisitions, foreign owned subsidiaries and leased employees
  • Assess plan design features that may impact Coverage testing
  • Identify testing options that may cure a failed test
Category: Concurrent Session Online

Understanding Plan Documents

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

Identification: EBP2112

This session introduce the plan document provisions of the defined contribution case study, which is utilized for all of the fundamental track sessions.
Learning Objectives:
  • Identify key plan provisions of the case study to consider risk assessment and develop audit procedures
  • Utilize a practical example of the AICPA EBPAQC's Plan Document Tool to summarize key elements of the plan provisions
Category: Concurrent Session Online

Common Operational Errors - Auditor Considerations

May 3, 2021 1:45pm ‐ May 3, 2021 2:35pm

Identification: EBP2113

This session will discuss several of the more common operational errors that occur during the administration of qualified benefit plans and will cover auditor responsibilities, financial statement impacts, and, at a high-level, available correction methods under the IRS or DOL correction programs. Additionally, the communication of these matters that are required with plan management will be covered. In total, the session will cover all of the impacts of an operation error including both the audit and tax impacts.
Learning Objectives:
  • Distinguish what constitutes an operational error
  • Recognize common operational errors and possible correction methods
  • Recognize auditor responsibilities including communication of errors
Category: Concurrent Session Online

Form 990 for Health & Welfare Plans

May 3, 2021 1:45pm ‐ May 3, 2021 2:35pm

Identification: EBP2115

The Form 990 was written for not-for-profit entities, which health and welfare plans technically are. Ever wonder how to read or complete a Form 990 for your health and welfare plans/VEBAs? This session will help translate the form into benefit plan terminology to assist auditors and tax preparers in reviewing and completing them.

After this session, participants will:
Learning Objectives:
  • Identify how to complete or review key sections of the Form 991
  • Recognize what information the Form 990 provides that could be relevant to the audit
  • Discover tips and examples to efficiently complete or review Form 991
Category: Concurrent Session Online

Documentation Best Practices - What You Think You Know or Should Know

May 3, 2021 1:45pm ‐ May 3, 2021 2:35pm

Identification: EBP2116

Join us for an in-depth session on documentation techniques for ERISA plan audits. Participants will have opportunity to explore the key areas where audit documentation is critical - and how insufficient documentation practices can cause a non-conforming engagement even when sufficient substantive procedures have been performed.   Our speakers will also share best practices that have been proven successful in their employee benefit plan audits.
Learning Objectives:
  • Recall the AICPA Professional Standards for documentation and how to apply them in an EBP audit.
  • Identify key areas in an EBP audit where excellent documentation practices can significantly contribute toward meeting professional standards.
  • Identify and locate resources which are available for the EBP auditor to comply with documentation standards.
Category: Concurrent Session Online

Planning & Risk Assessment: Part I

May 3, 2021 1:45pm ‐ May 3, 2021 2:35pm

Identification: EBP2117

This session is part 1 of 2 of working through the planning and risk assessment process for the fundamental track case study and will continue in Session #XX. These sessions include consideration of SOC 1 reports and certifications for limited scope audits.
Learning Objectives:
  • Recognize necessary procedures to properly plan an employee benefit plan, through utilization of an example
  • Discuss risk assessment and the design of and linkage to planned procedures based on risk evaluation by audit area at the assertion level utilizing examples of documentation tools
  • Outline when limited-scope audits are appropriate utilizing evaluation tool
  • Review SOC 1 report and its impact on planned procedures and risk assessment, walk through a SOC 1 evaluation, including internal and user control considerations
Category: Concurrent Session Online

Hit the Jackpot: Improve Audit Efficiency With Effective Project Management

May 4, 2021 6:00am ‐ May 4, 2021 6:50am

Identification: EBP2118

This interactive session will cover common challenges auditors face in performing EBP audits.  Tips for successful project management at the various stages of the audit will be discussed, including practical solutions and tools to improve audit efficiency.
Learning Objectives:
  • Discuss common "opportunities" for improvement for both the auditor and the client.
  • Identify solutions and tools to address common "busts" in project management.
Category: Concurrent Session Online

Form 5500 from the Eyes of an Auditor

May 4, 2021 6:00am ‐ May 4, 2021 6:50am

Identification: EBP2119

This session will review the important aspects of the Form 5500 from an auditor's perspective. Understanding the Form 5500 is essential to enhancing the audit quality of financial statement reporting.  Learn what certain key areas in the Form 5500 is important for the auditor's review. This review includes more than simply reading and comparing Schedule H to the financial statements.
Learning Objectives:
  • Understand how to use the Form 5500 to assist in financial statement reporting and disclosure.
  • Determine how to recognize material inconsistencies between the Form 5500 and financial statements as well as the effect on the financial statements.
  • Identify key areas of each schedule of Form 5500 to efficiently and effectively perform the required review.
Category: Concurrent Session Online

Top 10 ERISA Compliance Traps

May 4, 2021 6:00am ‐ May 4, 2021 6:50am

Identification: EBP2121

Hear from a former DOL "insider" who will be sharing DOL knowledge and tips only a former EBSA investigator would know. You'll learn how the DOL targets cases, and you'll be introduced to 10 common ERISA violations. Learn how to avoid these compliance traps or how to maneuver out of them.
Learning Objectives:
  • Recognize the DOL's national enforcement projects and how they affect investigator targeting and an investigation's focus.
  • Identify which common ERISA violations can be identified during the ERISA audit and the Annual Report Form 5500.
Category: Concurrent Session Online

Planning & Risk Assessment: Part II

May 4, 2021 6:00am ‐ May 4, 2021 6:50am

Identification: EBP2122

This session is part 2 of 2 of working through the planning and risk assessment process for the fundamental track case study and will continue in Session #XX. These sessions include consideration of SOC 1 reports and certifications for limited scope audits.
Learning Objectives:
  • Recognize necessary procedures to properly plan an employee benefit plan, through utilization of an example
  • Discuss risk assessment and the design of and linkage to planned procedures based on risk evaluation by audit area at the assertion level utilizing examples of documentation tools
  • Discuss when limited-scope audits are appropriate utilizing evaluation tool
  • Review SOC 1 report and its impact on planned procedures and risk assessment, walk through a SOC 1 evaluation, including internal and user control considerations
Category: Concurrent Session Online