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.
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.
Recall the risk assessment of relevant assertions and the planned audit procedures of the case study.
Select 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.
Recognize common errors found in testing of contributions, eligibility and participant data.