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Friday, June 11, 2021 Live Webcast

Advanced Audits of 401(k) Plans: Best Practices and Current Developments (E2106081)

9:00 AM - 4:30 PM EDT

Registration: 8:30 AM EDT

webcast

Vendor Platform

8.0 CPE Credits in AA

OVERVIEW

As we saw from the recent U.S. Department of Labor review of employee benefit plan audits, auditors need to raise their game in order to provide the quality audits that plan stakeholders demand. The AICPA has reacted by issuing a proposed SAS that will significantly impact how audits of these plans will be performed. Now is the time to get up to speed on these significant issues and changes occurring in the world of 401(k) plan audits. In this advanced course, we will discuss both the existing and new rules and regulations unique to employee benefit plans as well as provide practical guidance on their application. The most common compliance issues identified in 401(k) audits will be explored along with recommended corrections. Auditors will identify best practices for handling specific issues that arise during the course of the engagement related to payroll and compensation, participant loans, hardship distributions, investments, plan mergers/acquisitions, etc. Efficient audit techniques that can be utilized in various audit engagements will also be identified. This is the course to take to help you improve the quality of your 401(k) benefit plan audits.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

Experienced practitioners responsible for planning and performing employee benefit plan audit engagements

BENEFITS

  • Identify the current year changes to the rules and regulations affecting 401(k) plans.
  • Examine the most common compliance issues encountered in 401(k) plan audits, what to watch out for, and what can be done to ensure compliance.
  • Perform efficient and effective procedures associated with planning, internal controls, risk assessment, and detailed audit.
  • Explain the documentation and procedures related to plan mergers and acquisitions.
  • Discuss best practices associated with advanced audit areas including participant loans, payroll, compensation, investments, etc.
  • Understand the risks associated with a benefit plan audit engagement.

HIGHLIGHTS

  • Annual update of the changes affecting 401(k) plans
  • Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc.
  • Best practices for engagement planning, internal controls, risk assessment, and detailed testing
  • How to avoid common mistakes made while performing audit procedures
  • Plan mergers and acquisitions
  • Common audit reporting and disclosure issues
  • The new audit standard for employee benefit plans

COURSE LEVEL

Advanced

PREREQUISITES

Detailed understanding of auditing defined contribution plans.

ADVANCE PREPARATION

None

INSTRUCTOR

Michael Morgan

Michael J. Morgan, CPA

Michael J. Morgan is President of Langford Educational Enterprises, Inc., a consulting firm specializing in international auditing and taxation located in Griffin, Georgia. An accomplished author and instructor with over 35 years of experience in public speaking, Morgan has traveled internationally, writing manuals, and conducting seminars on accounting- and auditing-related topics for former communist countries. He is the recipient of several “Outstanding Discussion Leader” awards from the New York, Illinois, Nevada, and Virginia Society of CPAs on the topics of accounting and auditing, staff training, governmental, and not-for-profit entities. For several semesters, he was an accounting instructor in the School of Business at Old Dominion University located in Norfolk, Virginia. In 2015 and 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Morgan currently practices in the greater Atlanta, Georgia, area. Morgan is licensed as a Certified Public Accountant in Georgia, Virginia, and New York. He is a past member of the Virginia Society of CPAs. He is a member of the Georgia Society of CPAs and the Association of Certified Fraud Examiners.

PRICING

$289.00 - Member

$439.00 - Nonmember

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Note: Online pre-registration will close on June 11 at 8:30 AM.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent