- NY Credits : 8.0
- TX Credits : 8.0
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. This intermediate level course is most appropriate for the professional with detailed knowledge in this topic or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
discuss plan documents, fiduciary responsibilities, and accounting records associated with a 401(k) plan,
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 basic disclosure requirements for financial statements of defined contribution plans,
discuss ERISA requirements and tax consideration for IRC 401(k) plans,
recognize and overall audit strategy for a defined contribution plan and internal controls, and
identify common deficiencies in audits of 401(K) plans.