This session will focus on investments held by a defined contribution plan. Facilitators recommend bringing your laptop to this session to fully participate in the case study.
• Identify the key characteristics of various investments commonly held by the plan, including insurance products, common/collective trust funds, pooled separate accounts, mutual funds, and self-directed brokerage accounts.
• Recall how to design audit procedures to cover the identified assertions
• Identify testing procedures, including sampling, over investments and investment income
• Recognize some of the unique financial reporting requirements for investments