• GAAP vs. ERISA reporting requirements
• Audit planning
• Risk assessment, including consideration of internal control
• Auditing the statement of net assets available for benefits
• Auditing the statement of changes in net assets available for benefits
• Other auditing considerations, including prohibited transactions and tax compliance
• The auditor’s report
• Financial statement disclosures
• Supplemental schedules
Learning Objectives
When you complete this course, you will be able to: • Recognize key terms and definitions related to ERISA plans.
• Identify the different types of employee benefit plans (EBPs).
• Recognize operational and compliance elements of ERISA plans
• Identify the basic financial statements for all ERISA plans.
• Recognize differences between GAAP and ERISA reporting.
• Identify the risks of material misstatement related to financial statement line items on the statements of net assets available for benefits.
• Recognize audit procedures commonly performed in a defined contribution retirement plan (DC plan) audit, including notes receivable from plan participants.
• Identify audit requirements when using the work of a specialist.
Major Topics
• GAAP vs. ERISA reporting requirements
• Audit planning
• Risk assessment, including consideration of internal control
• Auditing the statement of net assets available for benefits
• Auditing the statement of changes in net assets available for benefits
• Other auditing considerations, including prohibited transactions and tax compliance
• The auditor’s report
• Financial statement disclosures
• Supplemental schedules
