Advanced Audits of 401(k) Plans: Best Practices & Update Webcast [AAFP]
Time: 8:30am - 4:00pm
Subject:
Accounting & AuditingCredit Hours:
8.00Price:
Member: $245.00
Non-member: $395.00
Discussion Leader:
Melissa G. Critcher, CPA
more info
Melissa G. Critcher has her own firm located in the Charlotte, North Carolina area that focuses on auditing employee benefit plans, plan sponsor support, CPA firm technical review, and various other accounting and consulting services. She has extensive experience in auditing and accounting, which includes manufacturing, professional service, healthcare, and retail industries, with a specialization in employee benefit plans. She is an author and instructor of continuing education courses for various organizations, including the North Carolina Association of CPAs (NCACPA) where she has been recognized as an Outstanding Discussion Leader. Melissa’s career began with a small, local CPA firm in North Carolina, and she has since worked for various sized accounting firms across North Carolina during the course of her career. She has been providing auditors with the fundamentals and techniques necessary in order to properly audit defined contribution and defined benefit plans for more than 20 years. Her auditing background includes performing engagements for various size benefit plans, both limited and full scope audits, as well as evaluating Service Organization Control reports. Melissa graduated from Appalachian State University with a Bachelor of Science degree in Business Administration specializing in Accounting. She is a member of the NCACPA and other professional organizations.
closeWebsite registration for this course closes on April 30, 2020. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Advanced Audits of 401(k) Plans: Best Practices & Current Developments Webcast (AAFP)May 1st, 2020
LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.
As we saw from the recent United States Department of Labor review of employee benefit plan audits, auditors need to raise their game in order to provide the quality audits that plan stakeholders demand. The AICPA has reacted by issuing a proposed SAS that will significantly impact how audits of these plans will be performed. Now is the time to get up to speed on these significant issues and changes occurring in the world of 401(k) plan audits. In this advanced course, we will discuss both the existing and new rules and regulations unique to employee benefit plans as well as provide practical guidance on their application. The most common compliance issues identified in 401(k) audits will be explored along with recommended corrections. Auditors will identify best practices for handling specific issues that arise during the course of the engagement related to payroll and compensation, participant loans, hardship distributions, investments, plan mergers/acquisitions, etc. Efficient audit techniques that can be utilized in various audit engagements will also be identified. This is the course to take to help you improve the quality of your 401(k) benefit plan audits.
Major Topics Covered:
- Annual update of the changes affecting 401(k) plans
- Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc.
- Best practices for engagement planning, internal controls, risk assessment, and detailed testing
- How to avoid common mistakes made while performing audit procedures
- Plan mergers and acquisitions
- Common audit reporting and disclosure issues
- The new audit standard for employee benefit plans
Learning Objectives:
- Identify the current year changes to the rules and regulations affecting 401(k) plans
- Examine the most common compliance issues encountered in 401(k) plan audits, what to watch out for, and what can be done to ensure compliance
- Perform efficient and effective procedures associated with planning, internal controls, risk assessment, and detailed audit
- Explain the documentation and procedures related to plan mergers and acquisitions
- Discuss best practices associated with advanced audit areas including participant loans, payroll, compensation, investments, etc.
-Understand the risks associated with a benefit plan audit engagement
Designed For: Experienced practitioners responsible for planning and performing employee benefit plan
audit engagements
CPE Credits: 8, Accounting & Auditing
Level of Knowledge: Advanced
Prerequisite: Understanding of auditing defined contribution plans.
Acronym: AAFP
Discussion Leader: Melissa G. Critcher, CPA
