Employee Benefit Plan Audit Peer Reviews

Preparing for Risk Assessment, Control Document Inspection, and Other Peer Reviewer Concerns

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, June 21, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will prepare audit advisers to identify issues that frequently arise in employee benefit plan audit peer reviews and offer best practices to address potential problems and to work with reviewers.

Description

Firms that audit employee benefit plans must give careful attention to peer review preparation and anticipate the reviewer’s concerns about handling of participant data, investments, fees, contributions and other aspects of the plan. The plan audit group’s reputation is at stake during these reviews.

Peer reviewers routinely find substandard risk assessment procedures, failures to properly document the procedures performed, failures to test investment transactions and timely remittance of employee contributions; as well as other problems in reviewing benefit plan audits. Plan audit groups often struggle to provide acceptable documentation of internal controls.

Experiences from veteran employee benefit plan advisers and auditors will help your firm evaluate the effectiveness of its peer review preparation and proactively address noncompliance issues that commonly arise during the inspection.

Listen as our panel of seasoned accounting professionals offers best practices for your firm to prepare for its next employee benefits plan audit peer review.

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Outline

  1. Preparing for the peer review
    1. DOL emphasis on deficiencies
    2. Unique reporting requirements
    3. How to structure the peer review
  2. Issues with documentation
    1. Written audit programs
    2. System of quality controls
    3. Inspection requirements and considerations
  3. Areas of common errors and deficiencies
    1. Common pitfalls with defined contribution plans
    2. Common pitfalls with defined benefit plans
  4. Approach to the review team

Benefits

The panel will explore these and other critical topics:

  • Standards and guidance to be followed: General AICPA peer review standards and specific checklists, interpretations and alerts
  • Common audit deficiencies: Areas being targeted in participant data, investments, contributions, plan obligations and elsewhere
  • Documentation mandates: Acceptable written audit programs and internal control documentation
  • Proactive measures: Logical steps to take now to handle potential noncompliance before the next peer review

Faculty

Kanter, Jessie
Jessie T. Kanter, CPA

Director of Quality Assurance
BlumShapiro

Ms. Kanter has more than 10 years of accounting experience, including audit and review services for privately held...  |  Read More

Peirce, Susan
Susan J. Peirce, CPA, MTax

Principal
Apple Growth Partners

Ms. Peirce leads the firm’s employee benefits audit and specialty services team. In addition to her audit work,...  |  Read More

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