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This session provides an overview of investments commonly held by defined contribution plans and focuses on investment testing and disclosures relevant to the fundamentals track case study.
Learning Objectives:
Identify the key characteristics of various investments commonly held in plans, including insurance products, common/collective trust funds, pooled separate accounts, mutual funds, and self-directed brokerage accounts.
Recall the risk assessment of relevant assertions and the planned audit procedures of the case study
Indicate sampling and testing procedures utilizing examples from the fundamentals track case study for investments and investment income
Identify some of the unique financial reporting requirements for investments