American Institute of CPAs

The business environment is complex and evolving more rapidly than ever. With changing demographics, revised client and talent expectations, and new technologies, we have to work differently, accelerate our adoption of technology by years and address the new risks presented. In order to position ourselves for success, we must understand prevailing environmental trends, how they impact what we do as assurance providers and advisors, and the opportunities they present.

Learning Objectives:

Assess the trends in the environment that are impacting practice.
Identify impact on quality.
Analyze insights into developments that will affect practice in the near future.
Indicate new assurance opportunities.

Speaker(s):

Susan S. Coffey, CPA, CGMA, Chief Executive Officer - Public Accounting, AICPA & CIMA

Tags:

Audit Plan Sponsor

403(b) Plans Basic to Intermediate

May 8, 2023 11:30am ‐ May 8, 2023 12:20pm

Identification: EBP2304

A 403(b) Plan is a tax-advantaged retirement plan designed for non-profit organizations and certain government entities. The 403(b) Plan is similar to a 401(k) Plan, although it offers several enhanced benefits, such as catch-up contributions for tenured employees. This session will discuss the basics of 403(b) Plans, their benefits and the differences between 403(b) and 401(k) plans. It will also discuss prototype documents. Describe the differences between ERISA and non-ERISA 403(b).

Learning Objectives:

Recognize the types of organizations that can have a 403(b).
Distinguish the requirements for 403(b) and the difference between 401(k)
Distinguish prototype documents

Speaker(s):

Maria Hurd, CPA, RPA, Director - Retirement Plan Audit Services, Belfint, Lyons & Shuman, CPAs
Israel Tannenbaum, Partner, Withum

Tags:

Taxes

Technology in the Audit

May 8, 2023 1:20pm ‐ May 8, 2023 2:35pm

Identification: EBP2307

This session will discuss opportunities to leverage data, technology, and external vendors to perform high quality and efficient audits of employee benefit plans both today and in the future.

Learning Objectives:

Recognize technology trends impacting the auditing profession
Analyze how firms are leveraging technology to perform high quality audits of employee benefit plans efficiently

Speaker(s):

Karen Larsen, CPA, Partner, Baker Tilly US, LLP
Mary Espinosa, Partner, BDO

Tags:

Audit

Plan Sponsor Panel – Best Practice Discussion

May 8, 2023 1:20pm ‐ May 8, 2023 2:35pm

Identification: EBP2308

This session includes a panel of plan sponsors who will discuss best practices of working with service providers, best features these plan sponsors utilize to help their plan meet participant needs and key/relevant internal controls and challenges. Plan sponsors will provide their biggest challenges and opportunities in operating their plan and maintaining compliance. This session will help plan sponsors and auditors gain insight into how plan sponsors operate. This session will give auditors insight to better serve and provide value to their own audit clients.

Learning Objectives:

Identify and implement best practices when preparing for a financial statement audit
Understand key internal controls and best practices in oversight and administering a plan
Analyze service providers to ensure high quality and compliance with 408(b)(2)

Speaker(s):

Santiago R. Bianchi, BBA / MBA, Benefit Plans Reporting Manager, ExxonMobil
April Setlik, CPA, Global Benefits Plans Controller, Mars, Incorporated
Lisa A. Green, QPA, QKA, Retirement Plan Manager, Sherman & Howard, L.L.C.

Moderator(s):

Theresa K. Banka, CPA, Partner, Plante & Moran, PLLC

Tags:

Audit Plan Sponsor Taxes

Risk Assessment under SAS 145

May 8, 2023 1:20pm ‐ May 8, 2023 2:35pm

Identification: EBP2310

Join EBPAQC Executive Committee Chair Debbie Smith and AICPA Senior Director Carl Mayes for a discussion of SAS 145 and its impacts on your upcoming EBP audits.

Learning Objectives:

Identify the key provisions of SAS 145
Distinguish the new risk assessment standards from the existing standards
Apply the new standards to audits of employee benefit plans

Speaker(s):

Deborah Smith, CPA, Partner, Grant Thornton LLP
Carl R. Mayes, CPA, Vice President - Audit & Accounting Quality, AICPA & CIMA

Tags:

Audit

Understanding Plan Documents

May 8, 2023 1:20pm ‐ May 8, 2023 2:35pm

Identification: EBP2311

This session is part of the fundamentals track case study. This session will dive into understanding the plan documents, including identifying relevant plan provisions of the defined contribution case study, which is utilized for all of the fundamental track sessions.

Learning Objectives:

Identify the different types of plan document designs and common plan amendments
Recognize relevant plan provisions of the case study to consider risk assessment and develop audit procedures and Identify a practical example of the AICPA EBPAQC's Plan Document Tool to summarize the relevant plan provisions

Speaker(s):

Anne Morris, Principal, Windham Brannon, LLC
Kristin A. Ryan, CPA, Founder & CEO, Ryan + Mann LLC

Tags:

A and A Fundamentals

Multiemployer Plans: Annual Update and Considerations

May 8, 2023 2:45pm ‐ May 8, 2023 3:35pm

Identification: EBP2312

This session will address some of the unique accounting and auditing issues related to multiemployer plans, including payroll audits and other considerations.

Learning Objectives:

Recognize audit and accounting issues impacting multiemployer plans
Identify the challenges of payroll audits of contributing employers

Speaker(s):

Doug Bertossi, CPA, CEBS, Principal, CLA
Eileen Brassil, CPA, CFE, Partner, Legacy Professionals LLP

Tags:

Audit

Learning from experience: Peer review deficiencies and best practices for corrections

May 8, 2023 2:45pm ‐ May 8, 2023 3:35pm

Identification: EBP2313

This session will be an overview of the peer review process and cover common peer review findings, including those related to AU-C 703 deficiencies

Learning Objectives:

Analyze and gain a better understanding of the peer review process
Apply best practices to avoid findings

Speaker(s):

Randy M. Dummer, CPA, Partner, Henderson, Hutcherson & McCullough, PLLC/Chattanooga, TN
James W. Brackens, Jr., CPA, CGMA, Vice President of Ethics and Practice Quality, AICPA & CIMA

Tags:

Audit

Basics of Derivatives

May 8, 2023 2:45pm ‐ May 8, 2023 3:35pm

Identification: EBP2315

This session will describe common derivative investments held by employee benefits plans (including forwards, futures, options and swaps) including how they are valued and on what exchanges they trade, if applicable. Reporting and disclosure requirements for derivative investments held by a benefit plan will be discussed. We will also cover the common additional information requests needed from the custodian or investment manager.

Learning Objectives:

Identify derivatives that might be held as investments with employee benefit plans
Determine the basis of derivatives
Analyze the disclosure and accounting requirements (specific to employee benefit plans)

Speaker(s):

Theresa K. Banka, CPA, Partner, Plante & Moran, PLLC
Kristi Kamykowski, Vice President, Client Business Solutions, Northern Trust

Tags:

Audit Plan Sponsor

Planning and Risk Assessment: Part I

May 8, 2023 2:45pm ‐ May 8, 2023 3:35pm

Identification: EBP2316

This session is Part I of II, in which we will work through the planning and risk assessment process for the fundamental track case study of an ERISA Section 103(a)(3)(C) audit. In summary, we will review the conceptual framework for audit planning, identify the circumstances for an ERISA Section 103(a)(3)(C) audit and understand the appropriate evaluation of a SOC 1 report and how it impacts your audit procedures. In addition, we will review the documentation of risk assessment in an EBP audit and identify the linkage of risk assessment to audit procedures.

Learning Objectives:

Recognize necessary procedures to properly plan an employee benefit plan, through utilization of an example
Identify risk assessment and the design of and linkage to planned procedures based on risk evaluation by audit area at the assertion level
Distinguish when ERISA Section 103(a)(3)(C) audits are appropriate
Recall SOC 1 report and its impact on planned procedures and risk assessment

Speaker(s):

Randi Chambers, CPA, Assurance Partner, HoganTaylor LLP
Kerri Franz, CPA, Partner, Weaver, LLP