Audits of Employee Benefit Plans & Health & Welfare Plans

This course will examine the unique accounting and auditing requirements the auditor and accountant face when dealing with employee benefit plans. We will discuss the requirements posed by ERISA and the AICPA. Topics will include defined benefit plans, defined contribution plans, and health and welfare benefit plans. This course is a must for anyone performing work on employee benefit engagements.

LEARNING OBJECTIVES:
Upon successful completion of this course, participants will be able to:

• Identify the unique accounting and auditing requirements posed by ERISA and the AICPA when auditing defined benefit plans, including 401(k), defined contribution, and health and welfare benefit plans.
• Define common audit concerns and deficiencies.
• Explain investment valuation and income recognition.
• Describe accounting and reporting for contributions.
• Identify the reporting and auditing requirements, deadlines and extensions, and audit planning.
• Define employee benefit basics, including tax compliance, key plan operational concepts, and understanding the plan audit.

HIGHLIGHTS:

• Plans as defined by ERISA; plans as defined by GAAP.
• 401(k) and other defined contribution plans (except ESOPs).
• Auditing the Statement of Net Assets Available for Benefits.
• Auditing the Statement of Changes in Net Assets Available for Benefits.
• Auditing investments and contributions receivables.
• Auditing benefits and plan expenses.
• Defined benefit pension plans; participant data and plan obligations.
• Health and welfare plans and components of the financial statement.
• Other auditing considerations; party-in-interest transactions; HIPPA considerations.
• Financial statement disclosures and Form 5500.
• Auditor's report.