COVID-19 has significantly impacted your audits of 2020 employee benefit plans. This full-day program will advise you on the latest standards and changes to plan audits as result of the SECURE Act and CARES Act.
CPAs involved in the auditing of employee benefit and pension plans
Accounting and Auditing Update
Kevin Nardone, CPA, and Robert W. Reilly, CPA – EisnerAmper LLP
Obtain knowledge of essential accounting and auditing considerations affecting 2020 employee benefit plan audits. This session will include discussions of existing guidance with practical insight on implementing new and proposed accounting and auditing standards for employee benefit plan financial statements.
EBP Legal Update: New Developments from the Courts, Congress and the Agencies
Christine Gottesman, Esq.– Nukk-Freeman & Cerra, P.C.
This session will focus on:
- The Supreme Court's 2020 ERISA rulings and what’s on the docket in 2021
- Litigation trends: excess fees and everything else
- DOL and IRS updates under the Biden administration
- Legislative update: After the CARES Act and SECURE Act, what's next from Congress?
A Close Look at Compensation and Non-Discrimination Testing in Qualified Plans
Brian Kane, CPA, QPA, QKA – Preferred Pension Planning
One of the most important aspects of retirement plan administration is ensuring that the proper compensation is being used as defined in the plan document. In this session, we will cover when a plan must use Section 415 compensation, the Safe Harbor and non-Safe Harbor definitions of compensation, and when the compensation ratio test is necessary. We will also cover the different non-discrimination testing requirements of 401(k) versus 403(b) plans, top-heavy testing, and case studies involving the required combined plan testing for cash balance and 401(k) profit sharing plans.
11:25 a.m.-12:15 p.m.
Addressing the SECURE Act and CARES Act Provisions in 2020 Audits
Daniel Richardson, CPA, MBA and Sean P. Linde, CPA - WithumSmith+Brown PC
This session will discuss retirement plan changes from recent legislation, notably the SECURE Act and the CARES Act, and highlight new areas of emphasis for auditors of 2020 plan year filings.
U.S. Department of Labor Update
Michael E. Auerbach, CPA – U.S. Department of Labor
Find out what’s going on at the Employee Benefits Security Administration's Office of the Chief Accountant. This session will include a discussion of the work done with regards to plan audits and Form 5500 filings, as well as changes to the 2020 Form 5500 to align with SAS 136. Learn common reporting deficiencies and tips on how to help your clients be compliant with ERISA. Also learn why some audits of employee benefit plans are deemed deficient and what you can do to help make sure your audits are satisfactory.
Employee Benefit Plan Audit Considerations in a COVID World
Michael Gilchrist, CPA - RMSBG
The consequences caused by the COVID-19 pandemic on ERISA financial statement reporting and audit engagements are complex and have resulted in challenges for plan sponsors and auditors. This session will address the unique challenges faced by auditors during the upcoming ERISA season and the effects that the pandemic has on all aspects of the audit. From planning to reporting, employee benefit audits will be unlike any other in the past, and the auditor must have the tools to successfully audit in the COVID world.
Top 10 Employee Benefit Plan Reporting Issues
Michael Kulick, CPA, MBA and Donna Nevolo, CPA - WithumSmith+Brown PC
This session will identify and discuss 10 of the most common deficiencies noted while performing audits of employee benefit plans.