This session will review the important aspects of Form 5500 from an auditor's perspective to facilitate compliance with AU-C-720. Understanding the Form 5500 is essential to enhancing the audit quality of financial statement reporting auditors are required to review certain key areas in the Form 5500. This review includes more than simply reading and comparing Schedule H to the financial statements.
Attendees of this session will:
• Recall how to use Form 5500 to validate financial statement investment disclosures.
• Identify differences between the Form 5500 and the financial statements.
• Recognize material inconsistencies between the Form 5500 and financial statements impact the audit.
• Recall how to efficiently and effectively perform the required review of each schedule of the Form 5500.