Virtual Audits of Employee Benefit Plans Subject to ERISA

You Pay: $379.00
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This course is 8.00 credits
Instructor
Randy Dummer
Fields of Study
Accounting, Auditing
Course Level
Basic
Vendor
American Institute of CPAs

Instructor

Randy Dummer

Randy Dummer, CPA is a Partner with HHM in the accounting and audit area, joining the firm in 2011. He is the engagement partner on several employee benefit plan audits at HHM, as well as for automobile dealerships, manufacturers, not-for-profit organizations and other commercial businesses. He also performs numerous peer reviews and serves on the East Tennessee Review Acceptable Board and the Tennessee Peer Review Committee. He was previously the firm wide leader for the employee benefit plan audit practice at Baker Tilly Virchow Krause, LLP in Appleton, Wisconsin. The practice consisted of approximately 700 engagements performed by personnel in eight different offices. In this role, Randy developed and taught the firms internal training annually for their benefit plan audit staff, updated tools and templates, and served as the primary technical resource for employee benefit plan audit issues. He has extensive experience with audits of employee benefit plans, as well as not-for-profit organizations, and commercial businesses. He has been teaching seminars for the AICPA since 2003. Randy is a 2012-13 recipient of the AICPA Outstanding Instructor Award. John received his B.S. and MBA from Auburn University, MS (Statistics) from University of Texas and his JD from the University of Alabama.
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Registration Fees

MSCPA-AICPA Member
$249.00
MSCPA Member
$279.00
AICPA Member
$349.00
Non-Member
$379.00
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Monday, Jun 7, 2021
8:45am – 4:30pm

Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers due to history of noncompliance with applicable professional standards. Auditors require proper skills to perform EBP engagements effectively. You will work through the plan audit process from client acceptance/continuance through engagement archive. As the most common type of plans audited, you will take a deep dive into defined contribution plans to comply with professional standards, ERISA and SEC requirements. You will also obtain an awareness of additional considerations when auditing defined benefit pension plans and health and welfare benefit plans. Tap into ways to plan and conduct effective risk-based plan audits to comply with professional standards while maximizing efficiency.

Course Objectives

When you complete this course you will be able to:
  • Recognize the auditing requirements for EBP audits to comply with applicable professional standards and regulator expectations.
  • Identify accounting requirements unique to employee benefit plans
  • Identify efficient ways to plan and conduct an effective risk-based EBP audit.
  • Recognize new auditing, accounting and regulatory developments impacting EBP audits, including SAS No. 136.
  • Distinguish applicable auditing standards based upon implementation of SAS Nos. 134-140.

Major Subjects

  • Background of ERISA plan audits
  • GAAP vs. ERISA reporting requirements
  • Audit planning and pre-engagement activities
  • Risk assessment, including consideration of internal control
  • Auditing the statement of net assets available for benefits
  • Auditing the statement of changes in net assets available for benefits
  • Other auditing considerations, including prohibited transactions and tax compliance
  • The auditor's report
  • Financial statement disclosures
  • Supplemental schedules

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