This session will focus on the eligibility and contribution process of a defined contribution plan, and the testing of these areas. This session will be continued in Session #32.
• Identify the various contribution types
• Recall how to design audit procedures to cover the identified assertions
• Identify testing procedures, including sampling, over payroll, remittance schedule, participant eligibility, and contributions, including rollovers
• Select amounts of participant and employer contributions based on the plan provisions (e.g. eligible compensation) and annual limits