Due to the increased scrutiny on audits of employee benefit plans, it is more important than ever to ensure compliance with the rules and regulations. The information in this course will provide the beginning auditor with an understanding of the rules and regulations that govern 401(k) plans. The material will address the basic audit procedures associated with a 401(k) plan. Best practices will be identified to assist with efficiency and effectiveness purposes.
Learning Objectives
Recognize basic features of 401(k) plans; identify general features of 401(k) plan operation and administration; identify general reporting requirements for 401(k) plans; analyze the requirements for an ERISA Section 103(a)(3)(c) audit; recognize the requirements of the risk assessment standards for a 401(k) audit; identify the audit procedures for plan assets, liabilities, revenues and expenses; recognize the differences in financial statement reporting between a 401(k) plan and other entities
Major Topics
- The unique rules and regulations that govern 401(k) plans;
- Basic audit procedures associated with a 401(k) plan;
- Common mistakes made by auditors related to 401(k) plans.
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