- NY Credits : 8.0
- TX Credits : 8.0
Audits of 401(k) Plans
GAAS and GAAP apply to employee benefit plans. This material assumes that the reader is reasonably knowledgeable of GAAP, GAAS, ERISA, and the IRC as it relates to 401(k) plans. This material focuses on and attempts to meld together the unique ERISA and tax issues involved in the accounting, tax reporting and ultimately the auditing of the financial statements of 401(k) employee benefit plans. Since most practitioners will deal with single employer sponsored 401(k) plans, the materials focus on single employer sponsored plans. At times, comments on multi-employer sponsored 401(k) plans will be made when applicable to the discussion. A multi-employer sponsored 401(k) plan should be treated as a single-employer plan for purposes of reporting to the regulatory agencies: DOL and IRS, and sometimes the SEC. This course also addresses recent accounting and auditing changes that affect the audit of 401(k) plans.
Upon successful completion of Audits of 401(k) Plans, the user should be able to:
discuss plan documents, fiduciary responsibilities, and accounting records associated with a 401(k) plan,
discuss filing requirements and small pension plan audit waiver regulations,
discuss the source of law and standards for 401(k) plans,
identify the accounting and auditing guidance that applies to CPAs auditing 401(k) plans,
discuss the Employee Retirement Income Security Act (ERISA) and how ERISA impacts IRC 401(k) plans,
discuss the features in the auditor's report for IRC 401(k) plans,
discuss plan terminations and the auditor's report,
discuss the use of non-GAAP reporting,
list the requirements by the Department of Labor regarding auditors' report for 401(k) plans,
identify common deficiencies in audits of 401(K) plans, and
identify any recent changes in guidelines from the Department of Labor regarding 401(K) plans.