Auditing Financial Statements of ERISA Plans - Society of Louisiana Certified Public Accountants

Overview

Conducting a compliant audit

You’ll learn about proper audit procedures to test the line items of the statement of net assets available for benefits, including investments. You’ll also cover the audit procedures to test the activity in the statement of changes in net assets available for benefits, including participant testing. Your new knowledge will help you conduct compliant audits of ERISA plan financial statements.

Plan investments

Additionally, you’ll gain an understanding of how to differentiate plan investment procedures based on the type of audit and risk assessment.

To do this, you’ll look at ways to identify:

Types and classifications of common plan investments

The audit procedures required for investment activity, contributions and benefit payments or withdrawals at the participant level

Other audit considerations

You'll also explore other audit considerations, including:

GAAP requirements for presentation and disclosure of employee benefit plan financial statements

Procedures to determine the plan's tax status

Related parties, parties in interest and prohibited transactions

Additional procedures 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 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

Prerequisites

None

Designed For

Auditors of employee benefit plans

Practitioners considering the addition of EBP audits as a service offering

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 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.