Employee Benefit Plans Audit Update: Accounting Principles and Auditing Considerations (Completed)

Date: Monday, June 27, 2022
Instructor: Lewis R. Fisher
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

External audits of employee benefit plans require a specialized skillset and vocabulary in order to meet both the regular audit standards, as well as comply with the expectations of the Department of Labor. With the introduction of SAS 136, the audit approach to benefit plans has changed considerably.

This session will provide a refresher of key audit concepts specific to employee benefit plans, as well as focus on areas where the audit team can provide additional value to the Plan and the Plan sponsor, all while integrating the requirements of the new audit standard. A special focus on areas where common mistakes are made will include looking at the audit report language, handling nuances such as plan terminations and plan mergers, ensuring adequate internal control documentation exists, as well as other matters commonly noted by Department of Labor inspections.

Who Should Attend
External auditors of, and those charged with compliance over, defined contribution employee benefit plans.

Topics Covered

  • Relevant accounting standards affecting employee benefit plans
  • Requirements of the new standard SAS 136 for benefit plan audits
  • Vocabulary and terms specific to employee benefit plans
  • Audit documentation consideration and meeting both the US GAAS and Department of Labor requirements
  • Auditor skepticism and addressing fraud risk in the audit
  • Maintaining safety in the audit process and surviving a Department of Labor inspection

Learning Objectives

  • Recognize relevant GAAP reporting requirements common to employee benefit plans
  • Describe vocabulary and operational nuances of employee benefit plans
  • Design and implement proper audit steps and workpaper documentation in accordance with SAS 136
  • Identify fraud risk areas and adequately designed testing to address this risk
  • Recognize a best practices list for your audit team to mitigate risk of an incomplete audit file


Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Basic understanding of employee benefit plans.

Advance Preparation

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