Employee Benefit Plan Audit Peer Reviews
Preparing for Risk Assessment, Control Document Inspection, and Other Peer Reviewer Concerns
Recording of a 110-minute CPE video webinar with Q&A
This course will help auditors identify issues frequently arising in peer review audits of employee benefit plans and offer best practices to address potential problems and work with reviewers.
Outline
- 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
- Common errors and deficiencies
- Common pitfalls with defined contribution plans
- Common pitfalls with defined benefit plans
- Approach to the review team
Benefits
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 targeted in participant data, investments, contributions, plan obligations, and elsewhere
- Documentation mandates: acceptably written audit programs and internal control documentation
- Proactive measures: logical steps to take now to handle potential noncompliance before the next peer review
Faculty
Christopher Ciminera, CPA, QKA
Principal, Accounting & Auditing
Belfint Lyons & Shuman
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services... | Read More
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services department where he specializes in auditing employee benefit plans of for-profit, nonprofit, and governmental entities. He also specializes in Form 5500 preparation. When necessary, Mr. Ciminera helps clients navigate and prepare filings for corrections of plan errors or late filings through the DOL Voluntary Fiduciary Correction Program, IRS Voluntary Correction Program, and DOL Delinquent Filer Voluntary Compliance Program.
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Melissa M. Wolf, CPA
Managing Director
Baker Tilly US
Ms. Wolf is a managing director with Baker Tilly’s employee benefit plan audit practice. With more than 20 years... | Read More
Ms. Wolf is a managing director with Baker Tilly’s employee benefit plan audit practice. With more than 20 years of experience specializing in the audits of employee benefit plans, she is a regional leader of our employee benefit plan practice and the firm leader for the Form 5500 practice.
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