Webinar: Employee Benefit Plan Audit Peer ReviewsJune 12, 2014
This webinar will prepare audit advisors to identify issues that frequently arise in employee benefit plan audit peer reviews and offer best practices to address potential problems and to work with reviewers.
Firms that audit employee benefit plans must give careful attention to preparing for a peer review and anticipating the reviewer's concerns on how they handle participant data, investments, fees, contributions and other aspects of the plan. The plan audit group's reputation is at stake on these reviews.
Peer reviewers routinely find substandard risk assessment procedures, failures to test investment transactions or timely remittance of employee contributions, and other problems in reviewing benefit plan audits. Plan audit groups often struggle to provide acceptable documentation of internal controls.
Experiences from veteran employee benefit plan advisors and auditors will help your firm evaluate the effectiveness of its peer review preparation and more proactively address noncompliance issues that commonly arise during the inspection.
Please join BlumShapiro manager, Jessie Kanter and a panel of seasoned accounting professionals as they offer best practices for your firm to prepare for its next employee benefits plan audit peer review.
Thursday, June 12, 2014
1:00 - 2:50 pm EST
A live 110-minute CPE/CLE webinar with interactive Q&A
Preparing for the peer review
- DOL emphasis on deficiencies
- Unique reporting requirements
How to structure the peer review
Issues with documentation
- Written audit programs
- System of quality controls
Inspection requirements and considerations
Areas of common errors and deficiencies
- Common pitfalls with defined contribution plans
Common pitfalls with defined benefit plans
- Approach to the review team
The panel will explore these and other critical topics:
- Standards and guidance to be followed: General AICPA peer review standards and specific checklists, interpretations and alerts.
- Common audit deficiencies: Areas being targeted in participant data, investments, contributions, plan obligations and elsewhere.
- Documentation mandates: Acceptable written audit programs and internal control documentation.
- Proactive measures: Logical steps to take now to handle potential noncompliance before the next peer review.
Upon completing this seminar, you will have a better understanding of current reviewer red flags in peer reviews of employee benefit audit practices, and you will be better prepared heading into your next peer review.