Fringe Benefits - What's Taxable and What's Not - And how to correct the mistakes

May 4, 2021 8:40am ‐ May 4, 2021 9:55am

Identification: EBP2124

This session will cover a variety of fringe benefit hot topics, including remote workers, qualified disaster payments, meals, and FSA changes.
Learning Objectives:
  • Discover a deeper understanding of current fringe benefit topics.
  • Identify fringe benefit updates made by recent legislation and IRS guidance.
Category: Concurrent Session Online

Best Practices for Auditing in an Electronic Environment

May 4, 2021 8:40am ‐ May 4, 2021 9:55am

Identification: EBP2125

In this session, we will discuss key considerations, risks, and challenges surrounding auditing in a hybrid or fully electronic environment. This includes understanding the Plan's electronic environment, audit risk considerations, and reliance on electronic reporting and audit evidence. We will discuss examples of risks, challenges, and options in typical plan audit areas, as well as, some of the challenges of performing audits remotely and establishing reliance on electronic reports and evidence.
Learning Objectives:
  • Assess reliance on electronic evidence and reporting and the challenges in a remote environment
  • Define and identify the Plan's electronic environment and risk considerations
Category: Concurrent Session Online

Contributions and Participant Data - Part 1

May 4, 2021 8:40am ‐ May 4, 2021 9:55am

Identification: EBP2128

This session is part 1 of 2 that focuses on the testing of eligibility, participant data and contributions for the fundamentals track case study, including discussion of common errors found in these areas. This session will be continued in Session #34.
Learning Objectives:
  • Identify the various contribution types that are typical in a defined contribution plan, review the annual limits, and understand the participant and employer contributions based on the fundamental track case study's plan provisions, considering eligibility and eligible compensation for each type of contribution
  • Revisit the risk assessment of relevant assertions and the planned audit procedures of the case study
  • Evaluate sampling and testing procedures utilizing examples from the case study for payroll, definition of compensation, participant eligibility, participant data, contributions, and the timely remittance of contributions
  • Review common errors found in testing of contributions, eligibility and participant data
Category: Concurrent Session Online

Are 401(k) Plans for a Cannabis Business Legal? They are. Learn why.

May 4, 2021 10:10am ‐ May 4, 2021 11:00am

Identification: EBP2129

This is a must attend session if you have clients in the industry or plan to – it will provide a quick primer on the Controlled Substances Act and access to 401(k) plans under the Tax Code and ERISA. The speaker will discuss controlled group issues/discrimination as well as state penalties for cannabis employers who do not have a retirement program.
Learning Objectives:
  • Describe how cannabis companies operate, their typical structure, and considerations for Multiple Employer and Pooled Employer Plans which will include how to audit these plans.
  • Describe industry impact on retirement plan service providers who may be reluctant to service cannabis entities.
  • Discuss payroll and banking hurdles to know about when dealing with these organizations.
Category: Concurrent Session Online

A&A Update

May 4, 2021 10:10am ‐ May 4, 2021 11:00am

Identification: EBP2130

This session will discuss current activities of the Auditing Standards Board, including a discussion on recently issued standards and how they will impact planned audit procedures and reporting practices. Our speakers will also discuss the latest in auditing and accounting changes as it relates to EBPs. Join to hear how to apply this information in your day-to-day work.

Learning Objectives:
  • Identify quality best practices when applying the new standards
  • Determine how the new standards will impact current audit procedures and reporting practice
  • Determine which new standards affect your firm and clients
Category: Concurrent Session Online

401(k) Compliance Testing - Compliance Testing on Steroids

May 4, 2021 10:10am ‐ May 4, 2021 11:00am

Identification: EBP2131

A review of the 401k testing rules and a deeper dive in testing options and alternatives. This session will help auditors learn ADP/ ACP testing methods and the options to correct failed testing.
Learning Objectives:
  • Apply proper use of ADP/ACP testing.
  • Identify testing failures and corrections.
  • Understand the time frames related to testing and corrections.
Category: Concurrent Session Online

Secure & Cares Act Update-Audit Perspective

May 4, 2021 10:10am ‐ May 4, 2021 11:00am

Identification: EBP2132

The session will provide an overview of relevant provisions of the Secure and Cares Act which will impact employee benefit plan audits for the 2020 plan year.  We will also discuss considerations for testing those provisions.  In addition, we will provide current updates to relating to regulatory notices issued in 2020.
Learning Objectives:
  • Outline the Cares act and Secure Act
  • Considerations in testing for 2020 employee benefit plan audits
  • Analyze current updates to DOL and IRS notices issued in 2020 and their impact to the plan audits
Category: Concurrent Session Online

Contributions and Participant Data - Part 2

May 4, 2021 10:10am ‐ May 4, 2021 11:00am

Identification: EBP2133

This session is part 2 of 2 that focuses on the testing of eligibility, participant data and contributions for the fundamentals track case study, including discussion of common errors found in these areas. This session is a continuation for Session #28.
Learning Objectives:
  • Identify the various contribution types that are typical in a defined contribution plan, review the annual limits, and understand the participant and employer contributions based on the fundamental track case study's plan provisions, considering eligibility and eligible compensation for each type of contribution
  • Revisit the risk assessment of relevant assertions and the planned audit procedures of the case study
  • Evaluate sampling and testing procedures utilizing examples from the case study for payroll, definition of compensation, participant eligibility, participant data, contributions, and the timely remittance of contributions
  • Review common errors found in testing of contributions, eligibility and participant data
Category: Concurrent Session Online

Alphabet Soup of Health Plans

May 4, 2021 12:00pm ‐ May 4, 2021 12:50pm

Identification: EBP2134

FSAs, HSAs, HDHPs, HRAs, ICHRAS, QSEHRAs . . . oh my! The nuanced world of tax-favored health plan arrangements can be a confusing jungle. This basic level session is intended to simplify and explain the differences between these arrangements and how they are treated from a tax perspective.
Learning Objectives:
  • Identify and compare different tax-favored health plan arrangements
  • Identify and compare different tax-favored health plan arrangements
Category: Concurrent Session Online

Demystifying Employee Stock Ownership Plans

May 4, 2021 12:00pm ‐ May 4, 2021 12:50pm

Identification: EBP2135

The objective of this session will be to provide insights into the unique aspects related to auditing privately held employee stock ownership plans (ESOPs). Topics to be covered include an ESOP overview, risk assessment considerations, key ESOP accounts and transactions audit considerations, stock valuation matters, and pointers on interacting with ESOP third party providers.  




As this is an intermediate session, attendees should have a basic understanding of private company employee stock ownership plans.
Learning Objectives:
  • Outline ESOP risk assessment considerations
  • Identify approaches to auditing ESOP accounts and transactions
  • Describe key matters to consider related to the valuation of company stock
  • Provide tips on how to effectively interact with third party service providers
Category: Concurrent Session Online