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Track 8 of 19 · Specialized

Employee benefit plan audits

Audits of ERISA plans: when an audit is required, ERISA Section 103(a)(3)(C) audits, AU-C 703 reporting, certifications, and the account-level work on contributions, participant data, benefit payments, investments and prohibited transactions.

12 lessonsAbout 50 minAU-C 703 · ERISA · 29 CFR 2520 · Form 5500
0 of 12 complete
Syllabus

For: Auditors in firms with an employee benefit plan practice, and staff joining one.

  1. 01When an ERISA plan needs an audit: participant counts and the 80-120 ruleDecide whether a plan must attach an independent accountant’s report: large plan status, the 2023 account-balance count, the 80-120 rule and the small plan waiver.5 min · worked example · 4 self-check questions
  2. 02Plan types and their financial statements: defined contribution, defined benefit and welfareHow defined contribution, defined benefit and health and welfare plans differ in their financial statements, audit risks and the accounting guidance you apply.4 min · worked example · 3 self-check questions
  3. 03ERISA section 103(a)(3)(C) audits and investment certificationsWhen management can elect an ERISA section 103(a)(3)(C) audit, what a valid certification looks like, and the procedures AU-C 703 still requires on certified data.4 min · worked example · 3 self-check questions
  4. 04The AU-C 703 auditor’s report, reportable findings and the draft Form 5500Write the ERISA plan auditor’s report under AU-C 703: required acceptance terms, the 103(a)(3)(C) two-part opinion, supplemental schedules and reportable findings.4 min · worked example · 3 self-check questions
  5. 05Form 5500, Schedule H and the schedules the auditor reports onWhat a large plan files on Form 5500, its due date and extension, the Schedule H lines that become ERISA-required schedules, and penalties for deficient filings.5 min · worked example · 3 self-check questions
  6. 06Contributions and timely remittance of participant deferralsTest employer and participant contributions, apply the 29 CFR 2510.3-102 plan asset rule for deferrals, and handle late remittances on line 4a and in reportable findings.4 min · worked example · 3 self-check questions
  7. 07Participant data, eligibility and allocationsTest the participant data that drives contributions, vesting and benefits: demographic and payroll data, eligibility and entry dates, and allocations to accounts.4 min · worked example · 3 self-check questions
  8. 08Benefit payments, distributions and participant loansTest distributions, hardship withdrawals and participant loans in a defined contribution plan, including Code section 72(p) loan limits and deemed distributions.4 min · worked example · 3 self-check questions
  9. 09Plan investments, valuation and the certifying institutionAudit plan investments: fair value and NAV, contract value for benefit-responsive contracts, hard-to-value assets, and the line between certified and audited data.4 min · worked example · 3 self-check questions
  10. 10Parties in interest, prohibited transactions and the schedule of nonexempt transactionsIdentify parties in interest, recognize ERISA section 406 prohibited transactions, and test and report nonexempt transactions on Schedule G Part III and line 4d.4 min · worked example · 3 self-check questions
  11. 11Plan document compliance, operational failures and the correction programsFind operational failures that put plan qualification at risk, and know how sponsors correct them through IRS EPCRS and how late deposits are fixed under the DOL VFCP.4 min · worked example · 3 self-check questions
  12. 12The ERISA fidelity bond and how the DOL enforces audit qualityTest ERISA section 412 bonding (10 percent of funds handled, $1,000 floor, $500,000 or $1,000,000 cap) and learn how EBSA reviews and rejects deficient plan audits.4 min · worked example · 3 self-check questions
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