Retirement Plan Audits

Welcome to myCPE

Learning Objectives

To discuss the key parties that administer retirement plans.
To analyze the important documents of the plan needed to perform the audit.
To inspect the retirement plan specifics that affect the audit.
To discuss how to properly plan a retirement plan audit.
To discuss how to properly assess risks in retirement plans.
To analyze how to properly address noted risks in a retirement plan audit.
To identify common causes of deficient audits.
To inspect how to properly conclude the audit.
To explain the new SAS 136 standards applicable to retirement plan audits.
To explain the recent SECURE Act and CARES Act provisions.

Course Description

Not all audits are the same.

This is especially true for retirement plan audits. Retirement plans come in many forms, utilize different structures and provisions, and are regulated under two legislative bodies - the Internal Revenue Code and the Employee Retirement Income Security Act.

Regulation is constantly changing and accounting and auditing standards have recently undergone major changes. Auditors have to ensure that they understand the accounting and auditing standards, complex compliance standards and legislation, and structures of retirement plans to ensure that the audit is performed by generally accepted auditing standards.

Previous DOL Audit Quality Studies have uncovered continuing deficiencies with these audits. An auditor must perform this work adequately because if an audit is considered deficient a retirement plan’s 5500 can be rejected and the plan sponsor will need to have the audit re-performed costing the plan sponsor thousands. Therefore, it is important to understand the risks associated with retirement plan audits and how to perform a compliant audit.

This CPE Auditing Course will cover the audit from beginning to end focusing on important items that the auditor should consider.

Major topics covered in this webinar:

Why is an Audit Required?
Related Parties to a Retirement Plan
Plan Documents
The Auditing Process: Planning, Assessing Risk, Testing Procedures, Concluding an Audit
SAS 136

Webinar Qualifies For

1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
1 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
1 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
1 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
1 CPE Credit of Auditing for Certified Management Accountants (CMA)
1 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
1 CPD Credit of Auditing for Certified Financial Forensics (CFF)
1 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
1 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
1 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
1 CPE Credit of Auditing for Certified Internal Controls Auditor (CICA)
1 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
1 CPE Credit of Auditing for Certified Controls Specialist (CCS)

About Instructor

Chris Ciminera, CPA,QKA

Account Executive, Belfint, Lyons & Shuman, P.A.

Chris is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services department where he specializes in auditing employee benefit plans of for-profit, nonprofit, and governmental entities. Chris also specializes in Form 5500 preparation. When necessary, Chris helps clients navigate and prepare filings for corrections of plan errors or late filings through the Department of Labor (DOL) Voluntary Fiduciary Correction Program, Internal Revenue Service (IRS) Voluntary Correction Program, and DOL Delinquent Filer Voluntary Compliance Program.

Chris enjoys helping educate clients and others by regularly contributing to the niche’s blog – The Art of the Qualified Plan Audit. Chris’s blogs and articles have subsequently been published in the National Institute of Pension Administrators’ newsletter and the Society of Financial Service Professionals’ Qualified Plan newsletter. Chris was also used as a resource and quoted in the Plan Adviser Magazine article titled “Avoidance Strategies” on how advisers could help steer clear of common plan errors. He has presented on retirement plan audits to industry leaders within the American Society of Pension Professionals and Actuaries (ASPPA) Greater Philadelphia Chapter.

Chris prides himself on being attentive to client needs and providing exceptional service above and beyond that required of a regular plan auditor. Chris stays current on trends and issues by, among other avenues, regularly attending industry conferences through the ASPPA national and greater Philadelphia chapters and the American Institute of Certified Public Accountants (AICPA).

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.6

Excellent

Very Good

Average

Poor

Terrible

Priyankshi Jindal, CPA Student

The Webinar is very good and overall effective, I have gained much knowledge on the Retirement plan audit and is a good recall on the work I have done so far.

Akshay Joshi, CPA Student

Overall it was a wonderful session and I gained much knowledge in the context of audit.

Dan Anderson, CPA (US)

Very timely for our non-profit. We are reaching the 120 threshold. Well delivered.

Tim Bradshaw, CPA (US)

Liked instructor; Very knowledgeable and good session overall

Susan Kroeger, CPA (US)

Chris was a very good and knowledgeable presenter

1 Credit

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Subject Area

Auditing

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Retirement Plan Audits

Course Details

Learning Objectives

Course Description

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Chris Ciminera, CPA,QKA

Other Details

Additional Information

1 Hour

Basic

Group Internet Based

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.6

Priyankshi Jindal, CPA Student

Akshay Joshi, CPA Student

Dan Anderson, CPA (US)

Tim Bradshaw, CPA (US)

Susan Kroeger, CPA (US)

Subject Area

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