Surgent's Audits of 401(k) Plans: New Developments and Critical Issues

Overview

One of the most favored employee benefit plans, the 401(k) plan, provides unique challenges for auditors.

Through this course, auditors will obtain an understanding of the rules and regulations unique to employee benefit plans and obtain practical guidance on applying them. Auditors will enhance their knowledge of the performance and reporting requirements through real-world examples, best practices, and efficient audit techniques that can be utilized in various audit engagements. Make sure your audits don't trigger a DOL inspection by conforming to all applicable rules and regulations.

Prerequisites

Basic understanding of auditing defined contribution plans

Objectives

• Identify the key provisions of recently issued SASs
• Properly document understanding of the plan, the environment, and internal controls for an employee benefit plan
• Understand the importance of reading, reviewing, and documenting the controls in a service organization control report
• Identify potential audit triggers that may result in Department of Labor inspections
• Understand the risks associated with a benefit plan audit engagement
• Avoid common mistakes noted during peer reviews

Highlights

• Proper planning of benefit plan audit engagements and developing audit strategy while improving overall efficiency
• Common pitfalls in planning and detailed audit procedures
• Changes affecting 401(k) plans, including recently issued SASs
• Common mistakes as noted in peer reviews and DOL inspections