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Employee Benefit Plan Audits


Accountants who specialize in tax and general accounting services are often asked by their clients to perform audits of employee benefit plans (EBP), such as 401(k) and health and welfare plans. But if you don’t routinely conduct EBP audits, you may not be aware of their unique characteristics, such as testing demographic data, hardship withdrawals and remitting employee contributions on a timely basis.

The Department of Labor (DOL) has found that firms that perform only a few EBP audits are more likely to conduct deficient audits. As a result, it has focused its attention on accountants who perform these audits, but do not specialize in them.

This page is brought to you by the New York State Society of CPAs and is a compilation of videos recorded at the 2015 Employee Benefits Conference. The videos are meant to serve as a resource to CPAs interested in learning more about auditing EBP plans to help reduce the number of deficient audits.

Videos are free for all to view. CPAs wishing to earn CPE for these videos can purchase them as Self Study courses through the myCPE catalog. Use the purchase links below, complete your registration(s) then simply pass the self study course exam to earn CPE. Contact customer service with any questions at 800-537-3635.

DOL Update 

Ian Dingwall, CPA, Chief Accountant, Employee Benefits Security Administration, U.S. Department of Labor 
In this session, Mr. Dingwall will discuss legislative, regulatory, enforcement, and reporting compliance initiatives at the DOL, including his office’s programs to assess and improve the quality of employee benefit plan audits. Learn about the results of the DOL’s audit quality enforcement project and how you may use the findings to improve the quality of your firm’s work. 
(1 hour in Auditing)

Purchase Self Study course to earn CPE for DOL Update

Nuts-and-Bolts Review for Employee Benefit Plan Audits - Testing for Fixing Plan Errors 

Kenneth A. Bagner, CPA, MST, CGMA, Member of the Firm in Charge of Employee Benefit Plan Practice, Sobel & Company LLC 
Review the nuts-and-bolts of employee benefit audits, including participant testing, investment testing, receivable testing, timely contribution testing, distribution testing, loan testing, transfer testing, and hardship withdrawal testing. Focus will be on key audit considerations for these areas and communicating best practices to clients, as well as how to handle plan errors found during testing. The course also will delve into a detailed analysis of correction programs available from the DOL and IRS and when it is appropriate to utilize them. 
(1 hour in Auditing)

Purchase Self Study course to earn CPE for Nuts and Bolts...

Audit Findings: The Next Step 

Diane M. Wasser, CPA, Partner-in-charge, Pension Service Group, EisnerAmper LLP 
This session will explore certain common findings arising from effective plan audit procedures and related audit responses. Areas discussed will include participant and employer contributions, participant account activity allocations, eligibility, and distributions. Attendees will recognize auditor responsibility and effective ways to address common audit findings, as well as how to work with clients to improve controls and plan operations, so as to prevent audit findings and errors going forward and maintain operational compliance with terms of the plan. 
(1 hour in Auditing)

Purchase Self Study to earn CPE for Audit Findings...

Let’s Play EBP Accounting Jeopardy! 

David R. Dacey, CPA, Practice Leader, WithumSmith+Brown’s Employee Benefit Plan Services Group 
Back by popular demand, this year's Jeopardy!-styled game show returns to the NYSSCPA with an employee benefit plan accounting theme. All contest questions involve various aspects of current year accounting developments, as well as a revisit of some more historical accounting topics. Join us for this unique way to learn more about this interesting topic. 
(1 hour in Accounting)

Purchase Self Study Courses to earn CPE for Let's Play EBP...

Peer Review: How to Prepare 

Mark S. Lilling, CPA, Managing Partner, Lilling & Company LLP 
Ronald F. Desoiza, CPA, Partner, O’Connor Davies, LLP 

The session will focus on what peer reviewers look for when reviewing an employee benefit plan engagement. Mr. Lilling and Mr. Desoiza will discuss common issues related to financial statement disclosures and work-paper documentation specific to employee benefit plan audits. 
(1 hour in Auditing)

Purchase Self Study course to earn CPE for Peer Review...

Fair Value Measurement and How It Relates to Employee Benefit Plans

David Evangelista, CPA, Partner, MSPC Certified Public Accountants and Advisors, PC 
Fair value measurement is one of the most common issues facing auditors of Employee Benefit Plans. This session will provide a detailed overview of common investments in an employee benefit plan and how to treat them in accordance with ASC 820, pertaining to presentation and disclosures. 
(1 hour in Accounting) 

Purchase Self Study course to earn CPE for Fair Value Management...

Maximizing Quality and Efficiency in EBP Audits 

Adam S. Lilling, CPA, CFA, Partner, Lilling & Company LLP
This session will focus on best practices to build specific functions that will help you maximize quality while minimizing cost in your general audit practice and employee benefit plan. Mr. Lilling will discuss issues such as your firm’s tone at the top, use of technology, and audit specific tasks. 
(1 hour in Auditing)

Purchase Self Study course to earn CPE for Maximizing Quality...