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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.
Learn about new auditing and accounting standards impacting employee benefit plan audits including ASU 2017-06, Master Trust Reporting and ASU 2018-03, Fair Value Disclosures. Included in the discussion will be a top ten list for common accounting oversights and best practices for reporting.
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.