Audits of 401k Plans 2024

Monday, April 21, 2025

Webcast or Webinar, Online

3:00 PM - 6:30 PM (opens at 2:30 PM) EST

4Credits

Technical Business

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$159.00 Regular Price

Non-Members

$209.00 Regular Price

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Course Type: Webcast

Course Code: 25/3124686

Level: Intermediate

Vendor: California CPA Education Foundation

Field of Study: Auditing, Taxes

Overview:

Significant changes in the audit environment for 401k plans have resulted from recent U.S. Department of Labor reviews of 401k audits and the issuance of Statement of Audit Standards Number 136 (SAS 136), the Auditing Standards Board's new standard for employee benefit plan audits. This course will assist the audit professional with guidance needed to perform 401k audits in the upcoming year. We will discuss the significant changes from SAS 136 and other recent auditing standards, including both the auditor's and plan sponsor's responsibilities when electing and performing an ERISA Section 103(a)(3)(C) audit, which replaced the former limited scope audit. We will also focus on the most common compliance issues identified in 401k audits from both the Department of Labor and peer reviews, along with best practices and recommended corrections.

Objectives:

• Understand the key changes in 401k plans that resulted from recently issued auditing standards • Identify common compliance issues encountered in 401k plan audits • Plan and perform effective audit procedures for 401k plan audits

Major Topics:

• SAS 136 audit requirements for ERISA Section 103(a)(3)(C) audits • Update of the changes affecting 401k plans • Compliance issues commonly encountered in 401k plan audits • Best practices for engagement planning, internal controls, risk assessment, and detailed testing • Common audit reporting and disclosure issues

Major Topics:

Designed For:

Experienced audit professionals who plan and perform 401k plan audit engagements.

Prerequisites:

Basic understanding of auditing 401k plans