Employee Benefit Plan Audits: What You Need to Know and Do in 2018
The Department of Labor (DOL) has intensified its supervision of audit quality as it finds a decline in employee benefit plan (EBP) audit quality and an increase in the number of errors found. The heightened oversight is expected to continue for EBP audits in 2018 and beyond. With the countless audit issues and risks that should be addressed, employers need to keep themselves abreast of the current regulatory findings, initiatives, and actions.
In this LIVE Webcast, a panel of distinguished professionals and thought leaders brought together by The Knowledge Group will help employee benefits professionals understand the important aspects of this significant topic. They will provide an in-depth discussion of the recent developments surrounding significant EPB audit issues. Speakers will also offer best compliance practices.
Key topics include:
- DOL’s Current Regulatory Findings, Initiatives, and Actions
- AICPA's Proposed Standard
- Common Audit Challenges, Issues and Findings
- Financial Reporting and Disclosures: Avoiding Mistakes and Deficiencies
- Best Compliance Practices
Daniel K. Goff, CPA, Partner
Goff Backa Alfera & Company, LLC
- Discussion of DOL Audit Quality Studies- What were the Unacceptable Major Findings
- Discuss by type of plan audit and audit area
- Discuss reason for issues noted: Usually caused by lack of understanding by auditor of the scope of audit and inadequate work paper documentation. Practitioners conclusion as to what is adequate WP documentation is usually different than what is expected by DOL and peer reviewers based on current standards.
- What Do we Need to Do Now as auditors? How can we fix the problems causing poor audit quality?
- How is Peer Review Program changing to address the EBO audit quality issues
- AICPA Enhanced oversight of peer reviewers by subject matter experts
- Emphasis of proper reporting of issues noted during peer reviews , especially related to documentation of procedures performed. Increasing significance which sometimes does change the results of peer reviews even from a firm’s most recent peer review.
- Consistent approach to addressing the issues noted by the DOL and peer reviewers
- Common Misconceptions in Employee Benefit Plan Audits Contributing to Quality Challenges
Holly Kohl, Partner
- Regulatory Initiatives to Improve Employee Benefit Plan Audit Quality
- The Importance of Hiring a Quality Auditor & Tips to Selecting Your Plan Auditor
Melissa Herbert, Audit Member
- Discuss standards in and a potential forward look
Holly Kohl began her public accounting career with Wipfli LLP in 1999, and has deep experience working with manufacturing, commercial and employee benefit plan clients. Her focus on these key industries has allowed her to develop expertise to assist clients with unique business relates issues and help them achieve their goals. Holly has specialized training and expertise in employee benefit plans related to audit, accounting, financial reporting, and regulatory compliance issues. As a practice leader for employee benefit plan audits, she commits to providing internal training, as well as ensures the quality of Wipfli LLP’s benefit plan audits is in compliance with the most current Department of Labor requirements and accounting and reporting standards. She leads the firm’s Technical Issues Committee for the Employee Benefit Plans Audit Practice and is a member of the firm’s Quality Assurance Committee. Holly has been instrumental in instituting our welldeveloped and tailored audit approach.
Clients appreciate Holly’s communication style, her understanding of their business, and efficient and responsive service. She enjoys helping her clients overcome their challengesand guiding them to achieve success.
Holly Kohl began her public accounting career with Wipfli LLP in 1999, and has deep experience working with manufacturing, commercial …
Dan Goff is the firm’s Audit & Assurance, Peer Review, and Quality Control partner, he’s an active member of the AICPA and PICPA, and oversees the firm’s ERISA (employee benefit plan) services practice.
In the past, Dan was Chair of the PICPA Peer Review Committee, served on the PICPA’s Management of an Accounting Practice Committee, PICPA’s Peer Review Committee, and the PICPA’s Committee on Ethics. Dan also serves as a member of the AICPA National Peer Review Committee (NPRC) and a member of the NPRC Oversight Task Force (OTF). Dan continues to be one of the most utilized peer reviewers in the country.
Dan Goff is the firm’s Audit & Assurance, Peer Review, and Quality Control partner, he’s an active member of the …
Missy Herbert is a Member in the Firm’s Audit Division. She has more than 20 years of employee benefit plan audit and consulting experience. Missy offers public and private companies plan audit knowledge combined with a strong ERISA and plan operations background. During her career, Missy has performed plan audits and consulting for over 850 different plans with plan bases ranging from 120 - 50,000 participants and assets from $500 thousand to $9.5 billion. She also has extensive experience auditing plans that are required to file an annual 11-K with the Securities and Exchange Commission (SEC). Recently, Missy authored an audit guide on how to audit employee benefit plans, entitled Knowledge-based Audits of Employee Benefit Plans. Speaking engagements for Missy include the AICPA Employee Benefit Plan Annual Conference, Georgia Society Employee Benefit Plan Annual Conference, UBS Fiduciary Forum, and several regional state society employee benefit plan training conferences. Missy and her family reside in Atlanta.
Missy Herbert is a Member in the Firm’s Audit Division. She has more than 20 years of employee benefit plan …
Print and review course materials
Method Of Presentation:
On-demand Webcast; Group-Internet Based
Experience in Employee Benefits Law
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Auditing - Technical
1.5 CLE; 1.5 NASBA-CPE
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About Wipfli LLP
With offices across the United States, Wipfli ranks among the top accounting and business consulting firms in the nation. For over 87 years, Wipfli has provided private and publicly held companies with industry-focused assurance, accounting, tax and consulting services to help clients overcome their business challenges today and plan for tomorrow. The firm’s clients include manufacturing companies, financial institutions, health care organizations, construction companies, real estate companies, insurance companies, nonprofit organizations, units of government, agricultural businesses, dealerships and individuals. Through the firm’s membership in Allinial Global, Wipfli can draw upon the resources of firms from around the world, helping businesses whenever and wherever they need it. For more information, visit wipfli.com.
About Goff Backa Alfera & Company, LLC
Located in Pittsburgh, PA, GBACO provides tax, audit, and accounting, and various consulting services to clients both locally and nationally. Over 50% of the firm’s professional staff are CPAs specializing in a variety of practice areas and industries. GBACO has 15+ years of experience performing employee benefit plan audits and has strategically identified ERISA audits as a continued area for high growth. The firm is a member of the AICPA’s Employee Benefit Plan Audit Quality Center (EBAQC), Governmental Audit Quality Center (GAQC), and Center for Public Company Audit Firms (CPCAF).
About Warren Averett
Warren Averett has the resources to help you thrive. From audit compliance and tax planning to technology consulting and HR Solutions, we listen to your needs and offer a sounding board for solution based ideas. Warren Averett has over 800 employees, including over 300 CPAs and 160 Members throughout 15 offices in Alabama, Florida and Georgia, with affiliate offices in Texas and the Cayman Islands. Whatever you need, you can find the right Warren Averett team member at the right time.