This session provides an overview of investments commonly held by defined contribution plans and focuses on investment testing and disclosures relevant to the fundamentals track case study.
- Identify the key characteristics of various investments commonly held in plans, including insurance products, common/collective trust funds, pooled separate accounts, mutual funds, and self-directed brokerage accounts.
- Recall the risk assessment of relevant assertions and the planned audit procedures of the case study
- Select sampling and testing procedures utilizing examples from the fundamentals track case study for investments and investment income
- Recognize unique financial reporting requirements for investments