Conducting a compliant audit
You'll learn about proper audit procedures to test the line items of the statement of net assets available for benefits, including investments. You'll also cover the audit procedures to test the activity in the statement of changes in net assets available for benefits, including participant testing. Your new knowledge will help you conduct compliant audits of ERISA plan financial statements.
Plan investments
Additionally, you'll gain an understanding of how to differentiate plan investment procedures based on the type of audit and risk assessment.
To do this, you'll look at ways to identify:
Types and classifications of common plan investments The audit procedures required for investment activity, contributions and benefit payments or withdrawals at the participant level
Other audit considerations
You'll also explore other audit considerations, including:
GAAP requirements for presentation and disclosure of employee benefit plan financial statements Procedures to determine the plan’s tax status Related parties, parties in interest and prohibited transactions Additional procedures for Form 11-K filers
Learning Objectives
- Identify auditing procedures for the statement of net assets available for benefits and the statement of changes in net assets available for benefits.
- Recognize the types and classification of common plan investments.
- Distinguish plan investment audit procedures based on type of audit and risk assessment.
- Identify audit procedures at the participant level required for investment gains (losses), contributions, and benefit payments or withdrawals.
- Recognize the presentation and disclosure requirements in accordance with GAAP.
- Identify audit considerations for related parties, parties in interest, and prohibited transactions; a plan’s tax status and Form 5500; and Form 11-K filers.
Major Topics
- Auditing the statement of net assets available for benefits
- Types and classification of common plan investments
- Plan investment audit procedures based on type of audit and risk assessment
- Auditing the statement of changes in net assets available for benefits
- Audit procedures at the participant level required for investment gains (losses), contributions and benefit payments or withdrawals
- Presentation and disclosure requirements in accordance with GAAP
- Audit considerations related to related parties, parties in interest, prohibited transactions, a plan’s tax status, and Form 5500 and Form 11-K filers
