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, December 11, 2019

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 peer review audits of employee benefit plans 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 the 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, failure to properly document the procedures performed, improper reliance on SOC reports, failure to test investment transactions earnings 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.

Listen as our panel of veteran employee benefit plan advisers and auditors helps you evaluate your firm's peer review preparation and proactively address noncompliance issues that often arise during inspections.

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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. 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 targeted in participant data, investments, contributions, plan obligations, and elsewhere
  • Documentation mandates: acceptably written audit programs and internal control documentation
  • Proactive measures: logical steps to take now to handle potential noncompliance before the next peer review

Faculty

Hayes, Lauren
Lauren Hayes

Senior Manager
Baker Tilly Virchow Krause

Ms. Hayes' primary disciplines include financial statement attestation and employee benefit plan audits. She has a...  |  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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