Sessions For May 8

08

Wednesday
7:00AM-7:50PM

EBP19203. Ethics, Independence & EBPs

Instructor: Melissa Critcher, Gabriel O'Keefe
Track: Accounting & Auditing
Knowledge Level: None
Field of Study: Behavioral Ethics
CPE Credits: 1.0

With a particular focus on employee benefit plan audit considerations, this session will provide an overview of the AICPA Professional Code of Conduct and affiliate independence rules.
Learning Objectives:

  • Recall the AICPA Professional Code of Conduct
  • Distinguish between the difference in independence and conflicts of interest
  • Identify common threats to independence
  • Recognize the affiliate entity rules in a benefit plan environment and related resources

08

Wednesday
7:00AM-7:50PM

EBP19204. Building your EBP Practice

Instructor: Travis Jack, David Torrillo
Track: Enhanced Knowledge
Knowledge Level: Basic
Field of Study: None
CPE Credits: 1.0

Overview of the step by step process of building a niche practice or service line focused on employee benefit plan attestation services.
Learning Objectives:

  • Session discussion topics will include tools and resources to enhance specialized knowledge necessary for employee benefit plan audits.
  • We will also discuss successful marketing strategies to grow your practice and opportunities to implement efficiencies as you scale your practice.

08

Wednesday
7:00AM-7:50PM

EBP19205. 404( c) and 404(a)(5) compliance Fund Selection Process

Instructor: Kelly Davis, Kimberly Flett
Track: Advanced Professionals
Knowledge Level: None
Field of Study: None
CPE Credits: 1.0

Examining the importance of Sections 404(c) and 404(a)(5) and it's application in qualified plan to help facilitate the auditor's procedures.
Learning Objectives:

  • Understand the application of Sections 404(c) and 404(a)(5) as they apply to qualified plans.
  • Understand the results of the lack of non-compliance.

08

Wednesday
7:00AM-7:50PM

EBP19206. Future Workforce

Instructor: Gus De Franco
Track: Enhanced Knowledge
Knowledge Level: None
Field of Study: None
CPE Credits: 1.0

08

Wednesday
7:00AM-7:50PM

EBP19207. Breaking Down the Definition of Compensation (Repeat of Session 35)

Instructor: Chip Harris, Kimber Smail-benedict, William O'Malley
Track: Accounting & Auditing
Knowledge Level: None
Field of Study: None
CPE Credits: 1.0

7:50AM-8:00AM

08

Wednesday
8:00AM-9:15AM

EBP1956. Financial Reporting and Audit Wrap-Up

Instructor: Gwen Bryant, Anne Morris
Track: Audit Fundamentals
Knowledge Level: Basic
Field of Study: Auditing, Taxes
CPE Credits: 1.5

This session will cover audit completion and financial reporting for a defined contribution plan, focusing on the fundamental track case study, including required communications to management and those charged with governance.
Learning Objectives:

  • Identify presentation requirements for defined contribution plans
  • Recognize financial statement and excerpts of communications to management and those charged with governance relevant to the fundamentals track case study
  • Recall procedures necessary related to a plan’s Form 5500, compliance/discrimination testing, and supplementary schedules
  • Distinguish between the required communications of the plan auditor to management and those charged with plan governance

08

Wednesday
8:00AM-9:15AM

EBP1957. Sort Out the SOC Reports used in Your EBP Audits (Repeat of Session 20)

Instructor: Patricia McCormick, Sue Peirce
Track: Accounting & Auditing
Knowledge Level: None
Field of Study: Auditing
CPE Credits: 1.5

Each year, you hear about increasing the usage of SOC 1 reports in your EBP audits. Attend this session and leave knowing why it's imperative to use a SOC 1 report in your audit, if applicable. The session will cover key differences between SSAE 16 and SSAE 18. Content will also include subservice provider reports and noting subservice provider user controls, efficient ways to review and summarize a SOC 1 report, and what to do if you can't obtain a SOC 1 report but need one.
Learning Objectives:

  • Identify the appropriate audit approach regarding subservice organizations and complimentary user entity controls.
  • Analyze the impact of carve-outs, complementary user controls, exceptions in testing, and report qualifications.
  • Analyze the differences between SSAE 16 and SSAE 18.
  • Determine efficient ways to summarize and evaluate information in SOC 1 reports.

08

Wednesday
8:00AM-9:15AM

EBP1958. IRS and DOL Audits: Common Findings and Focus Areas

Instructor: To Be Announced
Track: Plan Design & Tax Compliance
Knowledge Level: Advanced
Field of Study: None
CPE Credits: 1.5

08

Wednesday
8:00AM-9:15AM

EBP1959. How Did This Fraud Happen Under Everyone's Noses?

Instructor: Jewell Esposito
Track: Industry Update
Knowledge Level: Basic
Field of Study: None
CPE Credits: 1.5

Promote well-rounded controls in your EBP clients and work with them to detect common areas where fraud and embezzlement may happen. Hear how plan fiduciaries, retirement plans, health/welfare plans, etc. were victimized in the last year. Know how to assist your client in reporting to the DOL/EBSA, IRS/CID, insurance companies, and police detectives.
Learning Objectives:

  • Recall similar situations where fraud happened to EBP clients like yours
  • Indicate what controls can be enhanced to lessen the risk your clients incur fraud and/or embezzlement while they are your client

08

Wednesday
8:00AM-9:15AM

EBP1960. MEWAs, MEPs, PEO and Outsourcing

Instructor: Melissa Krutzman, Mark Grushkin, William O'Malley
Track: Advanced Professionals
Knowledge Level: Advanced
Field of Study: None
CPE Credits: 1.5

08

Wednesday
8:00AM-9:15AM

EBP1961. Service Providers - Working Together Effectively Working with Service Providers

Instructor: Jean Hackstock
Track: Enhanced Knowledge
Knowledge Level: None
Field of Study: None
CPE Credits: 1.5

08

Wednesday
8:00AM-9:15AM

EBP1962. Work The Core, Don't Fail in Assessing Risk (Repeat of Session 6)

Instructor: Carl Mayes, Diane Walker, Michele Weldon
Track: Accounting & Auditing
Knowledge Level: Advanced
Field of Study: Auditing
CPE Credits: 1.5

Partners, are you starting your audit off properly? Most practitioners answer, "yes." However, more than a decade after the risk assessment standards were issued, the AICPA Peer Review team found that more than half of all firms fail to comply with AU-C Section 315 or 330.

At the core of every audit are the goals of identifying, assessing, and responding to risks of material misstatement. Ensure your EBP audits comply with risk assessment standards. The discussion will include misconceptions commonly held by senior-level practitioners and how to avoid these common areas of non-compliance.
Learning Objectives:

  • Interpret commonly misapplied requirements of AU-C Sections 315 and 330.
  • Contrast common areas of non-compliance found by AICPA Peer Review team research to your EBP audit performance.
  • Assess practical application of the standards in EBP audits.

08

Wednesday
9:45AM-11:00AM

EBP1963. Communicating Errors to Plan Sponsors

Instructor: Monique Elliott, Wendy Terry
Track: Accounting & Auditing
Knowledge Level: Basic
Field of Study: None
CPE Credits: 1.5

Due to the structure of benefit plans, errors often may occur. We will identify many typical errors noted in employee benefit plans and also discuss ways these can be corrected through various approved methods. We will also identify various ways to communicate these errors to those charged with governance and the implications of the errors on the audit.
Learning Objectives:

  • Identify common corrections and the auditor’s responsibility/impact/reporting requirements
  • Identify plan corrections and its impact on Plan F/S - For Advanced Auditors

08

Wednesday
9:45AM-11:00AM

EBP1964. Common IRS/DOL Errors and How to Correct Them (Repeat of Session 43)

Instructor: Renee Cahill, Mark Ritter
Track: Plan Design & Tax Compliance
Knowledge Level: None
Field of Study: None
CPE Credits: 1.5

This course will provide an introductory discussion about the basic parameters relating to how common IRS/DOL errors can be corrected under the IRS Employee Plans Compliance Resolution System (EPCRS). This course will include comments on the recently released EPCRS Program.
Learning Objectives:

  • Identifying common plan administrative and similar errors
  • Developing ability to determine appropriate and compliant correction methods for common errors.

08

Wednesday
9:45AM-11:00AM

EBP1965. What does an IRS/DOL Exam Look Like?

Instructor: Wayne Kamenitz, Chris Shankle
Track: Plan Design & Tax Compliance
Knowledge Level: Basic
Field of Study: None
CPE Credits: 1.5

08

Wednesday
9:45AM-11:00AM

EBP1966. First Time Audits

Instructor: Debbie Smith, David Torrillo
Track: Advanced Professionals
Knowledge Level: None
Field of Study: None
CPE Credits: 1.5

Learning Objectives:

  • Learn about specific audit issues related to plans that previously were not subject to audit, or were audited by another firm.
  • Understand how events such as plan mergers, plan spin-offs, and change in the number of plan participants, or a newly established plan, may result in an “initial audit” that requires auditing the plan’s opening balances

08

Wednesday
9:45AM-11:00AM

EBP1967. Auditing and Reporting for Terminating Plans

Instructor: Melissa Critcher, Theresa Banka
Track: Advanced Professionals
Knowledge Level: Advanced
Field of Study: None
CPE Credits: 1.5

This session will provide an overview of key changes in the audit and reporting when a plan sponsor of a retirement plan concludes the plan’s termination is imminent. This session will also cover reporting under the liquidation basis of accounting.
Learning Objectives:

  • Evaluate plan sponsor’s conclusion that termination is imminent
  • Assess risk factors associated with terminating plan
  • Formulate reporting under the liquidation basis of accounting

08

Wednesday
9:45AM-11:00AM

EBP1968. Both Direct and Indirect DB Pension Costs Need Audit Attention

Instructor: Russ Proctor, Steve Keating, Marty Menin
Track: Accounting & Auditing
Knowledge Level: Basic
Field of Study: None
CPE Credits: 1.5

Many of the 20,000 organizations with private sector defined benefit (DB) plans do not understand the full cost they are incurring to maintain these plans. As fiduciaries, CFOs who sponsor DB plans are responsible for ensuring both direct and indirect costs incurred by the plan are reasonable. Auditors may just be looking at the direct costs that are easily observable and simply comparing them to past years for reasonableness. DB plan sponsors need their accountants and auditors to also bring these indirect costs to their attention and help to determine if they are reasonable by comparing both direct and indirect costs to the market. From and organization perspective, executives should be asking if continuing these costs are consistent with their objective to maximize organization value. This session will provide you tools to identify and measure those costs and give you solutions to help your organization or client reduce or eliminate those costs and risks.
Learning Objectives:

  • Identify and measure the direct and indirect costs related to maintaining a DB plan.
  • Recall available solutions to help your organization or client reduce or eliminate those costs and risks.

11:00AM-11:10AM

08

Wednesday
11:10AM-12:25PM

EBP1969. Asking for a Friend

Instructor: Gwen Bryant, Gregory Clark, Travis Jack, Anne Morris, Sara Wilson
Track: Audit Fundamentals
Knowledge Level: Basic
Field of Study: Auditing, Accounting
CPE Credits: 1.5

There will be a tremendous amount of information covered in the fundamental track sessions, and we are sure there will be questions that may not get answered during the sessions, or topics that just a need a little bit more explanation. This is your chance to ask about any of the topics covered in the fundamental track sessions – by a panel of the instructors that led these sessions. Come prepared with all of your, or “your friend’s”, questions for our case study leaders.
Learning Objectives:

  • Recall answers to outstanding questions in areas of an EBP audit
  • Indicate your clarification or dig deeper on items discussed during the Fundamental Track sessions

08

Wednesday
11:10AM-12:25PM

EBP1970. Ask the Experts A&A

Instructor: To Be Announced
Track: Accounting & Auditing
Knowledge Level: Intermediate
Field of Study: Auditing, Accounting
CPE Credits: 1.5

Bring specific questions and hear from industry experts, including members of the AICPA’s EBPAQC expert panel, who deal with emerging issues and current service opportunities, in practical and helpful terms.
Objectives:

Learning Objectives:

  • Use answers from audience questions related to EBP in your EBP audit practice.
  • Apply best practices to take back to your firm to apply in your EBP practice.

08

Wednesday
11:10AM-12:25PM

EBP1971. Traps for Privately Owned Business

Instructor: Eddie Adkins, Carol Zurcher
Track: Plan Design & Tax Compliance
Knowledge Level: Basic
Field of Study: Taxes
CPE Credits: 1.5

Owning a privately-held business can be tricky. Be aware of these common “traps” and differences in C-corps, S-Corps, LLCs, sole proprietorships, and partnerships by attending this session. Questions about owner compensation, owner contributions, employment status, affiliated service groups, controlling interests, and benefits will be answered. Find out what happens if your plan become top heavy and how you can best monitor, as a plan sponsor, if your plan needs an audit.
Learning Objectives:

  • Recall how owners are compensation and if a partner can be an employee.
  • Recognize reasonable compensation for an owner.
  • Indicate how and where contributions are declared and how these groups impact benefits, testing, and compliance.
  • Recall the definition of an affiliated service group and controlled group.