May 14, 2025

Webcast Replay

8.5 CPE

Audits of Employee Benefit Plans Subject to ERISA

May 14, 2025
Webcast Replay
8.5 CPE

Audits of Employee Benefit Plans Subject to ERISA

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    Instructor

    Randy
    Dummer

    View Bio

    Randy Dummer, CPA

    Bio

    Randy M. Dummer, CPA

    Chattanooga, TN

    Randy Dummer is a Partner with Henderson, Hutcherson & McCullough (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 2014-15 recipient of the AICPA Outstanding Instructor Award. Randy received his B.S. of Accountancy from the University of Wisconsin at La Crosse.

Employee Benefit Plan (EBP) audit engagements remain under close examination by regulators and peer reviewers, stemming from a historical pattern of noncompliance with applicable professional standards. It is imperative that auditors possess the requisite skills to carry out EBP engagements with proficiency. This involves navigating the audit process from the initial engagement acceptance through to reporting and completion. Given that 401(k) plans represent the predominant plan type subjected to audits, we engage in a comprehensive examination of these plans. Discover strategies to meticulously plan and execute risk-based plan audits, ensuring adherence to professional standards without compromising on efficiency.

Learning Objectives

  • Recognize key terms and definitions related to ERISA plans.
  • Identify the different types of employee benefit plans (EBPs).
  • Recognize operational and compliance elements of ERISA plans.
  • Identify the basic financial statements for all ERISA plans.
  • Recognize differences between GAAP and ERISA reporting.
  • Identify the risks of material misstatement related to financial statement line items on the statements of net assets available for benefits.
  • Recognize audit procedures commonly performed in a defined contribution retirement plan (DC plan) audit, including notes receivable from plan participants.
  • Identify audit requirements when using the work of a specialist.

Major Topics

  • GAAP vs. ERISA reporting requirements
  • Audit planning
  • 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

CPE Credits Available

8.5 CPE
1
Accounting
7.5
Auditing

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Accounting and Auditing; Accounting & Auditing
  • Pracitioner
  • Pracitioner's
  • Pracitioners

Prerequisites

None

Advanced Preparation

None

Intended Audience

  • Auditors of employee benefit plans
  • Practitioners considering adding EBP audits as a service offering
  • Accountants in business and industry responsible for company benefits

Provider

AICPA

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