9232020 2.00

Author: Lewis R. Fisher

CPE Credit:  2 hours for CPAs

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. 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. 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 2020

Designed For
External auditors of, and those charged with compliance over, defined contribution employee benefit plans.

Topics Covered

  • CARES Act and COVID‐19 Implications
  • Other Current Matters
  • The Audit Approach
  • Participant Selections
  • Notes Receivable from Participants
  • 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
  • Identify fraud risk areas and adequately designed testing to address this risk
  • Recognize best practices list for your audit team to mitigate risk of an incomplete audit file
  • Describe current plan design trends related to employee benefit plans
  • Identify a characteristic of profit-sharing contributions related to employer contributions
  • Recognize considerations for distribution testing
  • Recognize how the CARES Act and COVID-19 implications apply
  • Identify a key area of testing for employee benefit plans



Instructional Method

Field of Study
Auditing (2 hours)

Program Prerequisites
Basic understanding of employee benefit plans.

Advance Preparation

Additional Course Details

  • Publisher: Wolters Kluwer
  • Pre-Requisites: None
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