Employee benefit plans hold a variety of investments, ranging from simple to complex. Regardless, the auditor is required to gain an understanding of the investments, assess the fair market value classification and disclosure requirements, and potentially perform testing over existence and valuation. This course will give you an introduction to the types of investments typically seen, along with auditing and fair market value techniques you can immediately use in your audits.
Publication Date: July 2020
Designed For
Those with a basic understanding of employee benefit plan audits.
Topics Covered
- Definitions
- Limited Scope versus Full Scope Audits
- Types of Investments
- Fair Market Value Measurements
- Designing your Audit Approach
Learning Objectives
- Describe the types of investments held in employee benefit plans
- Recognize and explain the differences between a limited scope and full scope audit
- Identify how to design and implement an audit approach for testing investments
- Differentiate types of assets typically certified
- Recognize fair value measurements and how they apply
- Describe the three common valuation techniques with respect to fair value
- Identify the insurance companies answer to mutual funds
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lewis R. Fisher
Lewis R. Fisher is a partner with Moss Adams, LLP in the Automotive & Dealer Services Group, with over 20 years of experience of private and public accounting experience. He began his career working in retail finance at a domestic dealership, and then moved to the corporate office for the largest privately held automotive group in the United States. Lewis' focus is providing assurance and consulting services to automotive dealership clients, as well as other heavy truck and equipment dealers, including those with significant rental operations. He has experience directing all phases of assurance engagements, working with a mix of SEC clients and large privately held clients. He is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.