External audits of employee benefit plans require a specialized skillset and vocabulary in order to meet both the regular audit standards, as well as comply with the expectations of the Department of Labor. With the introduction of SAS 136, the audit approach to benefit plans has changed considerably.
This session will provide a refresher of key audit concepts specific to employee benefit plans, as well as focus on areas where the audit team can provide additional value to the Plan and the Plan sponsor, all while integrating the requirements of the new audit standard. A special focus on areas where common mistakes are made will include looking at the audit report language, handling nuances such as plan terminations and plan mergers, ensuring adequate internal control documentation exists, as well as other matters commonly noted by Department of Labor inspections.
Publication Date: June 2022
Designed For
External auditors of, and those charged with compliance over, defined contribution employee benefit plans.
Topics Covered
- COVID-19 Implications
- SAS 136 Implementation
- Planning the audit
- Confidentiality
- The audit approach
- Testing — at the Plan level and Participant level
- Regulatory issues
Learning Objectives
- Recognize relevant GAAP reporting requirements common to employee benefit plans
- Describe vocabulary and operational nuances of employee benefit plans
- Design and implement proper audit steps and workpaper documentation in accordance with SAS 136
- Identify fraud risk areas and adequately designed testing to address this risk
- Recognize a best practices list for your audit team to mitigate risk of an incomplete audit file
- Identify what Auditor requirements under AU-C 570 addresses
- Recognize under section 103(a)(3)(C) a deficient audit can occur
- Recognize when relevant plan provisions (RPPs) be identified
- Identify what area of a benefit plan audit usually takes the most time to test
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Basic understanding of employee benefit plans.
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.