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The objective of this session is to highlight the ways in which auditing an ESOP differs from auditing a 401(k) plan. Topics to be covered include risk assessment considerations, how to audit key ESOP accounts and transactions, and unique ESOP financial statement presentation and disclosure matters. Prior to attending this session, please consider reading the Employee Stock Ownership Plans chapter in the AICPA Employee Benefit Plan Audit and Accounting Guide (Chapter 6 in the August 2021 Guide) as this session will not be covering the basics of what an ESOP is and how it works.
Learning Objectives:
Determine how audit procedures for an ESOP differ from those for other defined contribution plans
Identify risks which are unique to an ESOP audit
Identify financial reporting presentation and disclosure matters which are unique to an ESOP