Employee Benefit Plan Audits: Asking the Right Questions and Avoiding Critical Errors
Understanding Internal Controls, Audit Considerations for the Limited Scope Audits, Ensuring Completion of Population, Reviewing Form 5500, and Addressing Timeliness of Contributions
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide employee benefits auditors with best practices to prevent most of the severe and costly (but all too common) errors in benefit plan audits. The panel will explain the pitfalls that practitioners often encounter in these audits and outline how to address these issues based on real-world experiences.
- Do you understand Internal Controls over the Plans?
- Obtaining and Reviewing All Relevant SOC-1 Reports
- Addressing User Control Considerations
- Understanding Cyber Security related concerns and Plan Sponsor’s Controls to address them
- What are the audit considerations for Limited Scope Audits?
- Reviewing Certification to ensure Plan Qualifies
- Testing Investments not covered by the Certifications
- Testing Participant Loans
- Is the Population complete?
- Ensuring Contribution Population is Complete
- Ensuring Distribution and Loan Population is Complete
- Have you reviewed Form 5500?
- Ensuring Form 5500 consistency with the Financial Statements
- Reviewing to Identify potential red flags for the IRS and DOL
- What are the Hot Button issues with the DOL and the IRS and how to correct them?
- Top 5 DOL and IRS compliance issues
- DOL and IRS correction programs
- What are best practices for Plan management to prepare for the audit?
- SOC-1 Reports and User Control Considerations
- Limited Scope Certification
- Form 5500
- Timeliness of Contributions
The panel will review these and other key issues:
- Understanding the areas of highest risk in benefit plan audits
- Identifying and avoiding the most common mistakes in benefit plan audits
- Implementing solutions to the most common plan or filing mistakes after the fact
- Pinpointing Form 5500 red flags for the IRS and DOL
- Addressing Top 5 DOL and IRS Hot Button Issues
- Best Practices for the Plan Management to prepare for the Audits
Sharjeel Ahsan, CPA, MBA
Audit Senior Manager
McConnell & Jones
Mr. Ahsan has been instrumental in builing and leading the Firm’s Form 5500 preparation practice and has... | Read More
Mr. Ahsan has been instrumental in builing and leading the Firm’s Form 5500 preparation practice and has helped several clients through DOL & IRS voluntary compliance programs. He is a subject matter expert on Form 5500s and has more than 10 years’ experience in this area. He is also part of his Firm's ERISA Assurance and Compliance Services Team. He is responsible for managing his clients' employee benefit plan audits that range from regional non-profit organizations to large Fortune 500 public companies. The largest plan he manages consists of 63,000+ participants and approx. $5 Billion in net assets. He also manages certain non-profit and commercial audits.Close
Michelle Brumfield, CPA
Employee Benefit Plan Audit and Compliance Director
McConnell & Jones
Ms. Brumfield has the unique experience required for managing numerous employee benefit plan audits and consulting with... | Read More
Ms. Brumfield has the unique experience required for managing numerous employee benefit plan audits and consulting with both publicly held and privately owned employee benefit plan sponsors. She also provides leadership and technical support to the entire ERISA Assurance and Compliance Services Team to ensure the overall project performance.Close