The new EBP reporting framework addresses the auditor's responsibilities for forming an opinion and reporting on ERISA plan financial statements, including the form and content of the report when management elects to have an ERISA section 103(a)(3)(C) audit performed.
Analyze the requirements of the new EBP reporting framework.
Differentiate the new form and content of the EBP reports compared to the current standard.
Determine when it is appropriate to use the ERISA section in the audit report.
This session will review the current rules and regulations regarding fringe benefits, including the ability of an employee to exclude the value of such benefits from income and the ability of an employer to deduct the cost of those benefits. Special emphasis will be placed on the Tax Cut and Jobs Act changes affecting fringe benefits, specifically meals and entertainment expenses, qualified transportation fringe benefits and moving expenses.
Identify the fringe benefits that are best for your client based on the tax treatment of such benefits for the employer and the employee.
Apply current rules and regulations to your clients in order to assist in designing a cost efficient fringe benefit plan.
Partners, are you starting your audit off properly? Most practitioners answer, "yes." However, more than a decade after the risk assessment standards were issued, the AICPA Peer Review team found that more than half of all firms fail to comply with AU-C Section 315 or 330.
At the core of every audit are the goals of identifying, assessing, and responding to risks of material misstatement. Ensure your EBP audits comply with risk assessment standards. The discussion will include misconceptions commonly held by senior-level practitioners and how to avoid these common areas of non-compliance.
Interpret commonly misapplied requirements of AU-C Sections 315 and 330.
Contrast common areas of non-compliance found by AICPA Peer Review team research to your EBP audit performance.
Assess practical application of the standards in EBP audits.
Carl R. Mayes, CPA, Associate Director - CPA Quality and Evolution, AICPA
An in-depth look at 401(k) plan testing and alternatives including APD/ACP testing from a tax perspective. These compliance tests are complicated and this session can assist auditors in become more adept in the area related to non-discrimination testing.
Apply proper use of ADP/ACP testing based on its purpose.
Identify issues involved with testing failures and corrections.
The panel will provide an overview of benefit plans' management responsibilities, including, but not limited to: accomplishing all regulatory requirements under management scope and all necessary elements, activities, recommendations, and decisions that ensure those requirements are satisfied.
Identify management's main/key areas of focus regarding a benefit plan's scope of responsibilities.
Apply the panel's recommendations on areas of focus and responsibilities to your company.
This session will discuss best practices for designing and monitoring a payroll audit program including techniques for completing a payroll audit and using payroll audits as part of the multiemployer plan audit. This session will also differentiate between payroll audits performed under SSAE 18 or consulting standards.
Recognize best practices when designing and monitoring a payroll audit program and the use of payroll audits in the multiemployer plan audit.
Identify the difference between payroll audits performed under SSAE 18 and consulting standards.
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 #19. These sessions include consideration of SOC 1 reports and certifications for limited scope audits.
Recognize necessary procedures to properly plan an employee benefit plan, through utilization of an example.
Recall risk assessment standards and linkage to planned procedures based on risk evaluation by audit area at the assertion level, utilizing examples of documentation tools.
Recognize when limited-scope audits are appropriate utilizing evaluation tool.
Identify a SOC 1 report and recall its components' (i.e., user controls) impact on planned procedures and risk assessment by walking through a SOC 1 evaluation.
This session will cover the objectives and uses of an actuarial report, the information contained in a report, assessing the actuarial methods and assumptions and discussing the information in the report that is most useful to an auditor.
Determine what information is relevant for auditing purposes.
Analyze the structure of a typical report.
Apply the assumptions used and how to assess them.
Select an actuary as a specialist based the qualifications.
This session will cover what are all the automatic options in plans to today (enrollments, distributions, investing, salary increases, etc), corrections for when someone is not auto-enrolled timely, and Rev Proc 2015-28.
Obtain a basic understanding of common automatic provisions within the plan document - such as enrollments, escalation, and distributions.
Understand challenges and most common errors related to automatic provisions.