Audits of Defined Contribution Pension Plans
(Emphasizing 401k Plans)

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Learn how to avoid the most common problems and deficiencies found by the DOL.  Discover how to:

• Determine if a plan needs to be audited

• Identify unique audit risks

• Perform the right type and amount of audit testing

• Draft DOL compliant financial statements. 

Designed For
Practitioners in public accounting firms that audit defined contribution pension plans.

Objective
Participants will be able to:

• Audit defined contribution plans in accordance with GAAS and DOL requirements.

• Identify risk areas for defined contribution plans.

• Develop and perform appropriate tests to address these risks

• Avoid mistakes in drafting financial statements.

When a 401k plan is subject to audit…  Typical audit and reporting deficiencies…  Planning for an industry with unique characteristics…  How to audit difficult areas...  Limited scope audits…   Recent changes to 401k financial statements…  Implementing and documenting the new risk assessment standards…  Requirements for Form 5500…   Unique accounting and financial reporting requirements.

Presentation Method: Lecture, case examples, and discussion questions.

Level of Knowledge:  Basic to Intermediate

Prerequisites: Experience in conducting audits of defined contribution plans

Recommended CPE Credit:  Accounting – 2 hrs and Auditing – 6 hrs

Field of Study: Accounting and Auditing

Advance Preparation: None

Availability Date:  05/15/2007

Author(s): Gregory Clark, CPA, CISA, CFE and William Loscalzo, CPA