Auditing Employee Benefit Plans Self-Study Webinar (11 Hours)

Overview: 

Looking to sharpen your knowledge of employee benefit plan accounting and improve the quality of your benefit plan audits? In this self-study webinar, our team of experts will provide a detailed explanation of employee benefit plans, including the latest trends within the employee benefit plan industry. The course will also:

  • Review the Form 5500 and related schedules and the newest changes
  • Discuss common practitioner questions on recent audit and accounting standards which impact employee benefit plan audits
  • Provide an overview of the new retirement legislation that pertains to distributions
  • Offer guidance in regards to common operational errors in qualified retirement plans, the proper corrective action of those errors, and the impact on the audit
  • Explore the latest ERISA litigation trends and regulation changes that are shaping the landscape for benefit plans
     
Objective: 

To provide both plan sponsors and auditors with high-quality, up-to-date training on employee benefit plans. Participants will be able to determine how recent legislation impacts various EBPs and apply the newest regulations within the industry to upcoming EBP audits.

SPEAKERS:

Cory Baughman, Senior Manager, World Group LLC

Jody Hillenbrand, Assurance National Technical Principal, BDO

Anastasia Romeo, CPA, Senior Manager, Withum Whippany

Jennafer Tryck, Associate Attorney, Gibson Dunn

 

Detailed Learning Objectives
Emphasis: 
  • Form 5500 Schedules
  • Effective Auditing Standards
  • SAS 145 – Risk Assessment
  • Distributions
    – New emergency expense distributions
    – Emergency savings accounts
    – Disaster recovery
    – Long-term care premiums
    – Changes in required minimum distribution rules, corrections, and applicability
  • Impact of the SECURE 2.0 Act on Qualified Retirement Plans
  • Defined Benefit Plans
    – Basic types of plans
    – Auditing
    – Testing the benefit obligation
    – Reporting
    – Terminating plans
  • ERISA Litigation Trends
    – Fiduciary breach litigation
    – Actuarial assumptions
    – Prohibited transaction clause litigation
    – How courts are ruling on arbitration clauses
    – Department of Labor's ESG rulemaking
  • 403(b), 401(k), and Health & Welfare Plans
  • Common Operational Mistakes & Impacts to Plan Audits

• Identify the frequency the Form 5500 is filed

• Recognize the form to be filed to be granted a 2.5 month extension on the filing deadline for the Form 5500

• Identify the acceptable method to file the Form 5500

• Identify when the Form 5500 must be provided to the plan auditors

• Recognize the definition of a material inconsistency

• Recognize the definition of a material misstatement of fact

• Identify what type of benefit plan requires Schedule MEP in the Form 5500

• Recognize what type of information is provided in Schedule A, Schedule C and Schedule H in the Form 5500

• Recognize the 2023 revisions made to the Form 5500 by the DOL

• Identify what is addressed in new auditing standard SAS 143

• Identify which auditing standard revises the definition of a significant risk

• Recognize the definition of a control risk and relevant controls

• Identify what should be linked to inherent risks

• Recognize what year the SECURE 2.0 Act was signed into law

• Recognize when certain provisions were effective under the SECURE 2.0 Act

• Identify the new distribution age under the SECURE 2.0 Act

• Identify common types of defined benefit plans and common types of formulas used to determine benefits in a defined benefit plan

• Recognize characteristics of a partially frozen benefit plan

• Identify who will take over a defined benefit plan if an employer terminates due to financial stress

• Identify types of benefit payments provided by a defined benefit plan

• Recognize how benefits should be reported when a plan is terminated

• Recognize certain financial reporting requirements of defined benefit plans and their corresponding financial statements

• Identify characteristics of 401(h) accounts

• Identify certain ERISA litigation trends

• Recognize distribution types of 401(k) and 403(b) plans

• Recognize certain requirements applicable to 401(k) plan contributions

• Identify characteristics of nondiscrimination testing

• Identify types of common service providers for employee benefit plans

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Price: 
$299.00
Prerequisite: 

Basic knowledge of auditing and financial accounting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
11.00
NASBA Field of Study: 
Auditing