Auditing Financial Statements of ERISA Plans

Overview

You'll gain an understanding of the statements, disclosures and considerations for plans that file Form 11-K, and learn ways to plan and conduct effective risk-based ERISA plan audits.

Prerequisites

None

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.

Highlights

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