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Surgent's Audits of 401(k) Plans: New Developments and Critical Issues

Tuesday, December 17
 9:00am - 5:00pm

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8.00 Credits

Member Price $299.00

Non-Member Price $424.00

Overview


One of the most favored employee benefit plans, the 401(k) plan, provides unique challenges for auditors. Also, as many 401(k) plan administrators opt for ERISA Section 103(a)(3)(C) audits, audits of 401(k) plans will be significantly impacted by the now-effective SAS 136, the AICPA’s new employee benefit plan auditing standard.


Through this course, auditors will obtain an understanding of the rules and regulations unique to employee benefit plans and obtain practical guidance on applying them. Auditors will enhance their knowledge of the performance and reporting requirements of SAS 136 through real-world examples, best practices, and efficient audit techniques that can be utilized in various audit engagements. Make sure your audits don’t trigger a DOL inspection by conforming to all applicable rules and regulations.

Objectives

  • Identify the key provisions of SAS 136
  • Properly document understanding of the plan, the environment, and internal controls for an employee benefit plan
  • Understand the importance of reading, reviewing, and documenting the controls in a service organization control report
  • Identify potential audit triggers that may result in Department of Labor inspections
  • Understand the risks associated with a benefit plan audit engagement
  • Avoid common mistakes noted during peer reviews

Highlights

  • Proper planning of benefit plan audit engagements and developing audit strategy while improving overall efficiency
  • Common pitfalls in planning and detailed audit procedures
  • Changes affecting 401(k) plans, including SAS 136 implementation
  • Common mistakes as noted in peer reviews and DOL inspections

Designed For

Practitioners responsible for planning and performing employee benefit plan audit engagements

Prerequisites

Basic understanding of auditing defined contribution plans

Preparation

None

Notice

To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange “Launch Event” button.

Leader(s):

Leader Bios

Melissa Critcher

Melissa G. Critcher attended Appalachian State University where she received a B.S. in accounting. Throughout the course of her career, she has had the opportunity to work with small and large, local and regional firms across North Carolina. Currently, Melissa has her own practice in Charlotte, North Carolina. She has extensive experience in auditing and accounting, which includes manufacturing, professional service, health care, and retail industries with a specialization in employee benefit plans. Currently, her practice concentrates on auditing employee benefit plans and consulting with CPA firms and plan sponsors. Melissa’s experience has led to various opportunities, which include teaching numerous continuing professional education courses for the AICPA, the NCACPA, Surgent, and CPA firms, as well as for public and privately held entities. She has been repeatedly recognized as an outstanding discussion leader by the AICPA and NCACPA. Melissa has also authored several different courses for the AICPA, Surgent, and others on topics such as employee benefit plans, internal controls, and compilation and review engagements. Throughout the course of her career, she has served in various roles with both the NCACPA and AICPA. These positions include serving as a member of the NCACPA Board of Directors and as a committee member for the NCACPA Accounting and Attestation Committee, as well as holding local chapter positions for the NCACPA. For the past seven years, Melissa has also served as a volunteer on the AICPA Enforcement Committee for Employee Benefit Plans, which is responsible for evaluating referrals from the Department of Labor for deficient audits and makes recommendations for disciplinary actions.

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Non-Member Price $424.00

Member Price $299.00