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schedule 110 minutes

Employee Benefit Plan Audit Peer Reviews

Preparing for Risk Assessment, Control Document Inspection, and Other Peer Reviewer Concerns

$197.00

This course is $0 with these passes:

CPE

ALL

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About the Course

Introduction

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.

Description

Firms that audit employee benefit plans must pay careful attention to peer review preparation and anticipate the reviewer's concerns about handling participant data, investments, fees, contributions, and other aspects of the plan. The plan audit group's reputation is at stake during these reviews.

Peer reviewers routinely find substandard risk assessment procedures, failure to properly document the procedures performed, improper reliance on SOC reports, failure to test investment transactions earnings, timely remittance of employee contributions, and other problems in reviewing benefit plan audits. Plan audit groups often struggle to assess risk adequately.

Listen as our veteran employee benefit plan advisers and auditors help you evaluate your firm's peer review preparation and proactively address noncompliance issues that often arise during inspections.

Credit Information

BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Date + Time

event
Thursday, March 6, 2025
schedule
1:00 p.m. ET./10:00 a.m. PT

Preparing for the peer review
1. DOL emphasis on deficiencies
2. Unique reporting requirements
3. How to structure the peer review
Issues with documentation
1. Written audit programs
2. System of quality controls
3. Inspection requirements and considerations
Common errors and deficiencies
1. Common pitfalls with defined contribution plans
2. Common pitfalls with defined benefit plans
Approach to the review team

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

Learning Objectives

After completing this course, you will be able to:

Determine the standards and guidelines to be followed
Identify the AICPA peer review standards and specific checklists, interpretations, and alerts
Ascertain common audit deficiencies, including areas targeted in participant data, investments, contributions, and plan obligations
Verify compliance with documentation mandates, including acceptably written audit programs and internal control documentation
Decide the best proactive measures in handling potential noncompliance before the next peer review

Field of Study: Auditing
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of Employee Benefit Plan Audit risk assessment and Peer Reviews

BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .