Employee Benefit Plan (EBP) audits create a unique challenge for the auditor, as the key testing sections are vastly different than a traditional corporate audit. The key functional areas of contributions and distributions comprise a significant portion of the required audit testing. This course will take a deeper dive into the testing strategies, the overall audit plan, and provide guidance for properly documenting your audit files.
Publication Date: July 2020
Designed For
Those looking to deepen their understanding of contribution and distribution testing of EBP’s and to improve their overall audit documentation.
Topics Covered
- Planning the Audit Approach
- Confidentiality Concerns
- The Audit Approach
- Participant Level Testing
- Important Plan Level Testing Requirements
- Regulatory Issues
Learning Objectives
- Recognize how to plan and execute testing over contributions and distributions
- Identify and document exceptions in an efficient and safe manner
- Describe key terminology that will guide distribution testing
- Recognize and apply regulatory issues and the associated correction options available to Plan sponsors
- Identify reasons to increase sample selections
- Describe characteristics of profit-sharing contributions
- Identify acceptable uses of forfeitures
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.