Audits of 401(k) Plans

CATEGORY: Specialized Knowledge & Applications

COURSE ID: CP401K, VERSION 6.00

(163)

Online & Mobile

8 CPE Credits

Level: Intermediate

GAAS and GAAP apply to employee benefit plans. This material assumes that the reader is reasonably knowledgeable of GAAP, GAAS, ERISA, and the IRC as it relates to 401(k) plans. This material focuses on and attempts to meld together the unique ERISA and tax issues involved in the accounting, tax reporting and ultimately the auditing of the financial statements of 401(k) employee benefit plans. Since most practitioners will deal with single employer sponsored 401(k) plans, the materials focus on single employer sponsored plans. At times, comments on multi-employer sponsored 401(k) plans will be made when applicable to the discussion. A multi-employer sponsored 401(k) plan should be treated as a single-employer plan for purposes of reporting to the regulatory agencies: DOL and IRS, and sometimes the SEC. This course also addresses recent accounting and auditing changes that affect the audit of 401(k) plans. This intermediate level course is most appropriate for the professional with detailed knowledge in this topic or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.

8 Credits

$119.00

Online & Mobile

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Accreditation Information

NASBA Delivery QAS Self-Study

NASBA Field of Study Specialized Knowledge 8 hours

NASBA National Registry of CPE SponsorsYes

NASBA Publication Revision Date 11/2023

Other Certifications

NY Credits : 8.0
TX Credits : 8.0

Details by Jurisdiction

Format :Online & Mobile

Learning objectives

Course outline

Background Information and Who Needs an Audit of A 401(k) Plan
1. Types of Retirement Plans
2. The Plan Document and the Summary Plan Description
3. Fiduciary Responsibilities
4. Accounting Records
5. Who Needs an Audit?
6. Filing Requirements
7. The Small Pension Plan Audit Waiver Regulation
Guidance and Authoritative Literature
1. Overview
2. Who Makes the Rules?
3. Where to Find Financial Reporting and Auditing Guidance
4. Accounting and Financial Reporting Standards for Defined Contribution Plans
5. Auditing Standards for Defined Contribution Plans
ERISA, Pension Protection, and the Annual Report
1. ERISA Overview
2. Overview of the Pension Protection Act
3. Overview of Form 5500: Annual Report
Financial Reporting and Disclosures
1. Overview
2. Statement of Net Assets Available for Benefits
3. Statement of Changes in Net Assets Available for Benefits
4. Other Disclosures
5. Required Supplementary Information
6. Illustrations
Tax Considerations
1. Plan Tax Status
2. Minimum Plan Coverage Testing: IRC Section 410(b)
3. Actual Deferral Percentage Test (ADP Test)
4. Other Tests and Requirements
5. Participant Options
Plan Terminations
1. Audit Requirement
Bonding Requirements
1. Bonding Requirements
2. Parties Involved and Exemptions
3. Auditing Procedures to Consider
Audit Planning and Internal Controls
1. Introduction
2. Internal Controls
Full-Scope versus Limited-Scope Audits of 401(k) Plans
1. Overview
2. The Limited-Scope Audit
3. The Full-Scope Audit
Service Organizations and SSAE 18 Reports
1. Overview
2. When an SSAE 18, Section 320 Report Should Be Obtained
3. Types of SSAE 18 Reports
4. SSAE 18 Report Conclusions
Audit Procedures in A 401(k) Audit
1. Audit Procedures
2. Auditing Benefit Payments
3. Participant Loans
4. Elements
5. Auditing Investments
6. Auditing Participant Data
7. Participant-Directed Investments and Income Allocation
Auditor's Report
1. Auditor's Reports
2. First-Year Audits
3. Departures from GAAP and Report Modifications
4. Plans Terminations and the Auditor's Report
5. Use of Non-GAAP Reporting
6. Additional Requirements by DOL
7. DOL Limited-Scope Audits
Common Plan and Audit Deficiencies
1. Introduction
Employee Plans Compliance Resolution System (EPCRS)
1. Overview
2. Internal Revenue Service Correction Programs
3. U.S. Department of Labor Correction Programs

Accreditation Information

Learning objectives

Course outline

Requirements