Auditing Employee Benefit Plans. Josie Hammond
Table of Contents
1 Cover
2 Chapter 1: Employee Benefit Basics Plan as defined by ERISA Plans as defined by GAAP Popular plan types Tax compliance elements Key plan operational concepts Understanding the plan under audit Notes
3 Chapter 2: Accounting and Reporting Standards Applicable guidance Fair value measurements Financial statements Investment valuation and income recognition Accounting and reporting for investment contracts Accounting and reporting for contributions Notes receivable from participants (participant loans) Operating assets Accrued liabilities Accounting for uncertainty in income taxes Plan mergers Terminating plans Subsequent events Recent developments
4 Chapter 3: Reporting and Audit Requirements Audit requirement Regulatory reporting and disclosure requirements for pension and welfare plans Deadlines and extensions The audit guide ERISA versus GAAP Audit considerations Common audit concerns or deficiencies Using the work of internal auditors Recent developments Note
5 Chapter 4: Audit Planning Key parties Client acceptance Scope and timing Gaining an understanding of a plan, its environment, and its internal controls Risk assessment Audit documentation Analytical procedures Initial audit procedures
6 Chapter 5: 401(k) and Other Defined Contribution Pension Plans (Except ESOPs) Determination of benefit amount Net assets available for benefits Changes in net assets available for benefits Investments Contributions receivable Notes receivable from participants Other operating assets Cash Accrued liabilities Investment income Contribution revenue Participant data and participant accounts Participant-directed versus self-directed Benefit payments Expenses Financial statement presentation and required disclosures 403(b) plans Note
7 Chapter 6: Defined Benefit Pension Plans Determination of benefit amount Financial statements Investments and investment income 401(h) accounts Funding Participant data and plan obligations Benefit payments Expenses Financial reporting and disclosure Plan transfers (plan mergers, spin-offs, and other transfers)