June 20, 2022 12:30pm – 4:00pm Map & Directions 602-252-4144

Webcast: Auditing Financial Statements of 401(k) Plans (12:30-4)

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

Employee benefit plan (EBP) audit engagements continue to be scrutinized by regulators and peer reviewers, due to a history of noncompliance with applicable professional standards. Auditors are required to have proper skills to perform EBP engagements effectively. In this course, you will focus on auditing the statement of net assets available for benefits and the statement of changes in net assets available for benefits, as well as certain disclosures. Tap into ways to plan and conduct effective risk-based 401(k) audits to comply with professional standards while maximizing efficiency.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

12:00pm

Fees

Member:
$160
Non-CPA Staff:
$210
Non-CPA Staff (100% club):
$160
Non-CPA Staff (sole proprietor):
$160
Non-Member:
$210
Webcast
Accounting & Auditing
4

Objectives

  • Identify procedures to test the line items of the statement of net assets available for benefits, including investments.
  • Identify procedures to test the activity reflected in the statement of changes in net assets available for benefits, including participant testing.
  • Recognize other audit considerations such as those related to related parties, parties in interest and prohibited transactions, and a plan's tax status and Form 5500.

Course Level

Beginning

Vendor

AICPA More With This Vendor

Designed For

Auditors of EBPs, practitioners considering the addition of EBP audits as a service offering, and accountants in business and industry responsible for company benefits.

Prerequisites

None.

Event Leaders

Shepard, Bruce

Rating: 4.67


Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies.

At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring and negotiations. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon.


More With Shepard, Bruce

Highlights

  • Auditing the statement of net assets available for benefits
  • Types and classification of common plan investments
  • Plan investment audit procedures based upon type of audit and risk assessment
    • Auditing the statement of changes in net assets available for benefits.
    • Audit procedures at the participant level required for investment gains (losses), contributions, and benefit payments or withdrawals.
    • Presentation and disclosure requirements in accordance with GAAP.
    • Audit considerations related to related parties, parties in interest and prohibited transactions, and a plan's tax status and Form 5500.

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