Auditing Employee Benefit Plans. Josie Hammond

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      AUDITING EMPLOYEE BENEFIT PLANS

       BY JOSIE HAMMOND, CPA, AND MELISSA FRIVOLD, CPA

       Notice to readers

      Auditing Employee Benefit Plans is intended solely for use in continuing professional education and not as a reference. It does not represent an official position of the American Institute of Certified Public Accountants, and it is distributed with the understanding that the author and publisher are not rendering legal, accounting, or other professional services in the publication. This course is intended to be an overview of the topics discussed within, and the author has made every attempt to verify the completeness and accuracy of the information herein. However, neither the author nor publisher can guarantee the applicability of the information found herein. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

      You can qualify to earn free CPE through our pilot testing program. If interested, please v isit https://aicpacompliance.polldaddy.com/s/pilot-testing-survey.

      © 2018 Association of International Certified Professional Accountants, Inc. All rights reserved.

      For information about the procedure for requesting permission to make copies of any part of this work, please email [email protected] with your request. Otherwise, requests should be written and mailed to Permissions Department, 220 Leigh Farm Road, Durham, NC 27707-8110 USA.

      ISBN 978-1-119-76380-2 (Paper)

      ISBN 978-1-119-76399-4 (ePDF)

      ISBN 978-1-119-76398-7 (ePub)

      ISBN 978-1-119-76400-7 (oBook)

      Course Code: 733843

      EBPE-C GS-0418-0D

      Revised: September 2019

Chapter 1 Employee Benefit Basics

      Learning objectives

      After completing this chapter, you should be able to do the following:

       Recall how a benefit plan is defined according to the Employee Retirement Income Security Act of 1974 (ERISA), generally accepted accounting principles (GAAP), and the IRS.

       Distinguish the designs and functions of today’s popular benefit plans.

       Identify the auditor’s responsibility regarding tax compliance matters.

       Recognize the various parties involved in the operation of a benefit plan and their roles.

      Introduction

      The purpose of this course is to assist you in auditing employee benefit plans. Most employee benefit plan audits are required for compliance with the Employee Retirement Income Security Act of 1974 (ERISA). A critical step in any audit process is to gain an understanding of the entity subject to audit. This chapter outlines the basic types of plans, the roles of the parties involved in running those plans and the tax rules, which define the limits of their operation. Chapter 2 will address applicable accounting and reporting standards, as well as recent developments in the employee benefit plan industry. Chapter 3 will discuss reporting and audit requirements.

ERISA is the starting point for plan definition. ERISA contains four titles. Title I includes the general Department of Labor (DOL) responsibilities for plans. It includes reporting and disclosure (where the audit rules are located), funding, benefit accrual and vesting, fiduciary conduct, and enforcement. Title II is the tax law requirements for benefit plans. This includes nondiscrimination, funding, vesting, coverage, and so on. Title III deals with specific jurisdiction and enforcement СКАЧАТЬ