MNCPA Audits of Employee Benefit Plans Conference (Webinar)  (AEBC-WEB)

8.00 CPE Credit Hours

Tackle employee benefit plans with confidence at the MNCPA Audits of Employee Benefit Plans Conference. Dive into case studies on audit pitfalls to avoid common mistakes and apply practical solutions. Gain a deeper understanding of ESOPs and how they differ from typical 401(k) audits. Learn about the various types of audits and identify the tripping points to navigate challenges effectively.

Designed For

CPAs, auditors and other financial professionals who are responsible for auditing employee benefit plans

Objective

• Get up to date on current audit rules and regulations
• Learn how to increase the efficiency of your audits
• Understand how to identify and solve plan issues
  
  

Highlights

8:00–9:15 a.m.  
A1. Department of Labor Update
Speaker(s) TBD
The Department of Labor has been invited to speak for the Audits of Employee Benefit Plans Conference as they have been for the past several years. Due to extenuating circumstances their participation this year is tentative. We may have a back-up presentation in lieu of the Department of Labor.

9:30–10:45 a.m. 
B1. Audit Pitfalls: Experiences From the Field
Alicia Schmidt CPA, Debbie Smith
Audit challenges are inevitable — but learning from real-world cases can help auditors navigate them more effectively. Unpack key lessons from recent standard implementations and common employee benefit plan audit pitfalls. Through a case study approach, gain valuable insights into how to identify, respond to and mitigate these challenges while ensuring compliance with professional standards.

11:00–11:50 a.m. 
C1. Plan Documentation and Retention Policies
Debra Linder
Proper documentation is the foundation of retirement plan administration and audits. Explore the types of plan documents auditors commonly encounter, the records plan sponsors should maintain and best practices for retention. Stay ahead of evolving regulations with an update on SECURE 2.0 and the DOL’s Voluntary Fiduciary Correction Program. Gain the knowledge needed to ensure compliance and improve audit efficiency.

12:40–1:55 p.m. 
D1. Navigating SOC 1 Reports: A Guide for Employee Benefit Plan Audits
Rachel Rafik
SOC 1 reports play a crucial role in employee benefit plan audits, but how should auditors use them effectively? This session provides a deep dive into SOC 1 reports, their key components, and how they differ from SOC 2 reports. Learn how to assess subservice organizations, identify critical service providers, and address exceptions and report qualifications. Elevate your audit approach with a stronger grasp of SOC 1 reports and their impact.

2:10–3:00 p.m. 
E1. Unique Considerations for Auditing DB Plans and ESOPs
Marjorie Heap
Defined benefit plans and employee stock ownership plans come with distinct audit challenges. Examine the complexities that set these audits apart from traditional 401(k) plan audits. Explore the heightened risks, the role of specialists and the specific reporting requirements unique to these plans. Gain a clearer understanding of best practices to navigate these high-risk audits with confidence.

3:15–4:30 p.m. 
F1. Panel Discussion: Ask the Experts
Marjorie Heap , Rachel Rafik , Alicia Schmidt , Speaker(s) TBD
Experts share their insights on the latest developments, common pitfalls and best practices in auditing employee benefit plans. Gain practical strategies for addressing regulatory updates, improving audit quality and mitigating risk. Whether you’re an experienced auditor or new to the field, gain valuable perspectives to help you stay ahead in an ever-changing landscape.

Prerequisites

None

Advanced Preparation

None

Developer
Minnesota Society of CPAs

Presenters
Lynne McMennamin,
Marjorie Heap,

Level of Knowledge
Update