Does the plan hold complex investments? Whether a full scope audit or an ERISA 103 (a)(3)(c) audit is performed, the steps to ensure complex investments are properly valued and presented within the financial statements in accordance with appropriate accounting principles remain the same. This session is designed to assist plan administrators and plan auditors in fulfilling that responsibility.
Define the unique characteristics and valuation methods for a variety of investments including common trusts, collective trusts, group trusts, hedge funds, limited partnerships, and certain derivatives as well as learn how to identify complex investments in the custodial reports.
Identify how FASB’s guidance related to NAV as Practical Expedient can be incorporated when assessing whether the values in the custody reports for commingled and pooled investments are reflective of fair value.
Review example disclosures to comply with tabular and narrative footnote requirements.