Auditing Financial Statements of ERISA Plans

Overview

Conduct a compliant audit

Identify proper audit procedures to test the line items of the statement of net assets available for benefits, including investments.

Identify proper audit procedures to test the activity in the statement of changes in net assets available for benefits, including participant testing.

Plan investments

Differentiate plan investment procedures based upon the type of audit and risk assessment.

Identify types and classifications of common plan investments.

Identify audit procedures required for investment activity, contributions and benefit payment or withdrawals at the participant level.

GAAP presentation and disclosure

Understand GAAP requirements for presentation and disclosure for employee benefit plan financial statements.

Other audit considerations

Recognize procedures needed to determine the plan's tax status

Learn how to identify related parties, parties in interest, and prohibited transactions.

Recognize additional audit procedures needed for Form 11-K filers.

Highlights

Auditing the statement of net assets available for benefits

Types and classification of common plan investments

Plan investment audit procedures based upon 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 and prohibited transactions, a plan's tax status and Form 5500, and Form 11-K filers, and related changes introduced by SAS No.136

Prerequisites

None

Designed For

auditors of Employee benefit plans, Practitioners considering the addition of EBP audits AS a service offering, and accountants in business and industry responsible for company benefits.

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 upon 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; Form 11-K filers; and related changes introduced by SAS No.136.

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Randy Dummer, AICPA

Leader Bios

Randy Dummer, AICPA

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.

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