Documenting Your EBP Audit: What You Need to Know - Society of Louisiana Certified Public Accountants

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Overview

You’ll learn best practices for documenting the work and thought processes behind your employee benefit plan audit.

Professional standards

Audit planning

Risk assessment and control testing

Documentation best practices for investments and plan expenses

Key audit areas in the financial statements, such as contributions and contributions receivable, benefit payments, and participant notes receivable

Participant data and participant accounts

Initial audits, plan mergers, and other issues

None

Auditors of employee benefit plans

Recognize areas in employee benefit plan audits that commonly lead to documentation deficiencies.
Recall the AICPA professional standards that address audit documentation.
Recall the practical aspects of unique EBP audit planning procedures.
Recognize effective documentation of risk assessment.
Recognize effective documentation of system narratives and walk-throughs.
Recall documentation concepts for investments and participant notes receivable.
Identify best practices for documenting audit procedures surrounding contributions and benefit payments.
Recall documentation for other audit areas not related to specific accounts.