This session will feature the work that is done in EBSA's Office of the Chief Accountant. It will include a discussion of the results of OCA's reviews of employee benefit plan audits and why some of the areas are deemed deficient. We will also discuss the enforcement initiatives related to Form 5500 Annual Returns/Reports.
During this session, we’ll discuss how to perform efficient and effective EBP audits. We’ll cover EBP audit focus areas, including internal control and risk assessment, new EBPAQC tools and resources, AICPA Peer Review and Ethics activities affecting EBP audits and the future of auditing and Enhanced Audit Quality (EAQ) initiatives.
This presentation will include an overview of legislative proposals (and their potential effects on sponsors, auditors and participants), a brief primer on the 2017 Tax Cuts and Jobs Act and the 2018 Bipartisan Budget Act changes likely to be seen in auditing 2018 plan financial statements. We’ll also cover an update on the new EPCRS filing process and a practical discussion of corrections relating to all too frequently encountered operational problems (such as autoenrollment and late deposit issues) and issues on the IRS and DOL radar (such as plan forfeitures and fees).
This session will identify common misconceptions that are leading to noncompliance with AU-C Section 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement and AU-C Section 330 Performing Audit Procedures in Response to Assessed Risk as it relates to identifying risks relevant to the FS audit, assessing risks using professional judgment and more. During this session, we will also recognize how the requirements in the standards should be applied during the audit.
There is still a lot of confusion regarding the different types of investments that are offered to participants in employee benefit plans and how to properly disclose in accordance with the applicable standards. This session will identify and describe some of the most common investments as well as how to differentiate between the available options. We will also cover the current and proposed auditing standards applicable to investment presentation and disclosure and the related audit procedures for limited and full scope audit procedures.
This seminar qualifies for the Workforce Training Express Fund program. The course code for this program is 1109785 Click here for more details: https://www.mscpaonline.org/cpe/training_fund
Melissa G. Critcher, CPA
Charlotte, North Carolina
Melissa is a member of both the American Institute of Certified Public Accountants (AICPA) and the North Carolina Association of Certified Public Accountants (NCACPA). She has served in various roles with the NCACPA including member of the Board of Directors, committee member for the Accounting and Attestation Committee as well as local chapter positions.
Melissa’s background in accounting includes more than 15 years experience in public accounting specializing in auditing defined contribution and defined benefit employee benefit plans as well as manufacturing, distribution and professional service organizations. Her public accounting experience includes a position as a senior audit manager with Greer & Walker, LLP in Charlotte, North Carolina, a manager at a regional firm in Raleigh, North Carolina prior to re-locating to Charlotte. Melissa also worked with a local firm in Winston-Salem. During her career, Melissa has been responsible for managing the employee benefit plan niche, marketing and business development and conducting in-house training seminars.
Since 2002 Melissa has led discussion seminars on the AICPA’s Audits of 401(k) Plans for the NCACPA. Additional seminars include Audit Documentation and Review, Employee Benefit Plan Audits, Small Business Audits, etc.
David Guadagnoli is a tax partner in the Boston office of the law firm of Sullivan & Worcester LLP. Guadagnoli is a graduate of the Boston University School of Law and has an MBA and an LLM in Tax, also from BU. Guadagnoli specializes in employee benefits and represents employers, individuals and advisors on a wide variety of employee benefit issues. He is well versed in all aspects of retirement plans including nondiscrimination testing issues, plan recordkeeping and conversion issues, fee analysis and fiduciary issues, IRS and DOL audits and the use of self-correction and agency-approved correction programs. Guadagnoli is a regular speaker and commentator at seminars and conferences.
Lynne McMennamin is an Auditor in the Office of the Chief Accountant for the Employee Benefits Security Administration. She works primarily on reviewing compliance with the auditing requirements and reporting requirements of plans covered by ERISA. She has worked for the Department of Labor since September 2013.
Before joining the Department of Labor, Lynne worked in public accounting for over 20 years, including 10 years as a partner in an international accounting firm. Lynne’s experience spans the gamut of employee benefit plan audits - defined contribution, defined benefit and health and welfare plans for single employer, multiple employer, and multi-employer plans. Lynne served on the AICPA Employee Benefit Plan Expert Panel from 2003 to 2007 and on the AICPA Employee Benefit Plan Audit Quality Center Executive Committee from 2008 to 2011. She has been a frequent speaker at national and state conferences focused on employee benefit plans. Lynne was also co-author of the AICPA’s CPE Training Course, Employee Benefit Plans: Audit and Accounting Essentials.
Lynne received her Bachelor of Science degree in Accounting with honors (cum laude) from University of Maryland College Park. She is a Certified Public Accountant licensed in Maryland.
Amy Sheridan is a partner in the Tax Department of Sullivan & Worcester's Boston office. She concentrates her practice in the employee benefits and executive compensation area and is experienced in addressing documentation and compliance issues for welfare plans (including federal health care reform and HIPAA privacy and security requirements), qualified retirement plans and individual retirement accounts. Additionally, Sheridan designs and reviews nonqualified deferred compensation arrangements, including for compliance with Internal Revenue Code Sections 409A and 457A.
Michele Weldon leads PwC's Employee Benefit Plan Audit Practice. She is a partner in the Asset Management industry group of the Assurance Practice in PwC's Boston office. She has specialized in employee benefit plan and ERISA collective investment fund audits and regulatory filings since 1990. Weldon has more than 50 Boston office employee benefit plan clients and provides consulting to engagement teams across the U.S. She assists PwC’s National office in developing employee benefit plan practice aids and in resolving auditing, accounting and reporting issues. She is a frequent speaker at industry conferences on employee benefit plans. She also assists in developing and teaching in-house training sessions on the industry. She is currently serving as a member of the AICPA’s Employee Benefit Plans Expert Panel and is also a member of the Audit Guide Revisions Task Force. She served a three-year term on the DOL’s Advisory Council on Employee Welfare and Pension Plans. Weldon received a Bachelor of Arts from the University of Massachusetts, Amherst and MBA from Babson College.