According to a U.S. Department of Labor (DOL) report released last December, 70% of audits of employee benefit plan financial statements fully complied with auditing standards or had minor deficiencies. Ensure your practice is in the 70%. This conference will focus on the current audit landscape, procedures to strengthen quality and practices to mitigate deficiencies.
8-8:50 a.m.
SECURE Act 2.0 Rules Reshaping Qualified Retirement Plans: Considerations for 2024 and Beyond
Tyler Reedman, CFP - HFM Investment Advisors, LLC
Explore the dynamic landscape of qualified retirement plans in the post-SECURE Act 2.0 era. We’ll review the latest rules and regulations reshaping qualified retirement plans, offering valuable insights for CPAs navigating the complexities of 2024 and beyond.
9-10:15 a.m.
U.S. Department of Labor Update
Michael Auerbach, CPA – U.S. Department of Labor
Hear from the Employee Benefits Security Administration's Office of the Chief Accountant about new developments and essential measures for ERISA compliance
10:25-11:15 a.m.
Internal Controls and SOC Reports
Heather Karpawich, CPA – Grant Thornton LLP
Mia Tempesta, CPA – Grant Thornton
Learn how internal controls, including those at service providers, affect the audit procedures, timing and scope. We’ll discuss how SOC 1s impact audit procedures, audit considerations and documenting the considerations.
11:25 a.m.-12:15 p.m.
SAS 143 and SAS 145 Update
Michael Kaplan, CPA - Smolin, Lupin & Co., LLC
This session will cover the following topics:
- Statement on Auditing Standards No. 143, Auditing Accounting Estimates and Related Disclosures
- Statement on Auditing Standards No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
12:45-1:35 p.m.
Definition of Compensation
Anastasia Romeo, CPA - WithumSmith+Brown, PC
Coral Lykkebak - CPA - WithumSmith+Brown, PC
Hear an overview of eligible compensation for retirement plans and learn how to identify different types of eligible compensation. Then, review best practices to test eligible compensation and receive practice points on common errors.
1:45-2:35 p.m.
AICPA Employee Benefit Plan Audit Quality Center Update
Sue Hicks, CPA - AICPA
Joe Zamboni, CPA - AICPA
Discuss the AICPA’s response to the 2023 DOL audit quality study report and EBPAQC tools and resources that address many of the audit quality issues identified in the study. Discover AICPA and EBPAQC resources to help you perform efficient and effective EBP audits.
2:45-4 p.m.
Common Reporting and Auditing Issues
Donna Nevolo, CPA – WithumSmith+Brown, PC
Sean Linde, CPA – WithumSmith+Brown, PC
This session will cover the most common deficiencies encountered while performing audits of employee benefit plans.