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Employee Benefit Plan Audit Quality Center
1
EBPAQC Tools and
Resources: Getting the Most
from Your Membership
November 30, 2011
CPE Credit For Today’s Webinar
Must have registered for CPE credit prior to this live forum
webinar event
Participation markers will appear on your screen
approximately every fifteen minutes during the event.
Click the "OK" button on the pop up marker to evidence your
participation in the event. You are required to participate in a
minimum of 75% of these markers.
Note: Center web events will no longer use CPE codes.
Upon completion of the webinar, a CPE Certificate will be
placed in your account on www.cpa2biz.com, which you will
have access to for up to six years.
If you have any questions regarding CPE, please contact
service@aicpa.org
Employee Benefit Plan Audit Quality Center
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Panelists
Robert Lavenberg, CPA
BDO USA LLP
Heidi LaMarca, CPA
Windham Brannon PC
William Seymour, CPA
SB & Company, LLC
Employee Benefit Plan Audit Quality Center
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Objectives
Learn how the Center tools and resources can
support your audit practice
Explore the Center website, your online community
and resource center
See what additional resources the Center provides
Employee Benefit Plan Audit Quality Center
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EBPAQC Resources and Tools
EAlerts
Live Forum Webinars
Member-to-Member Discussion Forum
Accounting and Auditing Resource Centers
Topix Primers
Plan Advisories
Other resources, tools and benefits
Employee Benefit Plan Audit Quality Center
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EAlerts
Timely news on current regulatory and professional
activities affecting benefit plans
• Sent to Center Designated Partner and
Administrative Contact
• Archived on EBPAQC website
Employee Benefit Plan Audit Quality Center
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EAlerts- Recent Topics
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EBPAQC Resources
DOL Resources
A&A Technical Hotline support
EBPAQC testimony
Member-to-member Forum Contest
Revised Plan Advisory on Investments Available
FASB Approved Expanded Employer Disclosures for
Multiemployer Pension Plans
Employee Benefit Plan Audit Quality Center
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EAlerts- Best Practices
 Save in email folders (e.g.- EBPAQC EAlerts folder)
 Share with all EBP staff in the firm by forwarding the
EAlerts
 Share important news and information with clients
 Use webinar announcements to invite staff to
participate
Employee Benefit Plan Audit Quality Center
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Live Forum Webinars
Webinar events
• Very well-attended
• CPE option
Audios and slides archived on Center website (not
available for CPE)
Employee Benefit Plan Audit Quality Center
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Live Forum Webinars- Recent and Future
Recent webinars
• 401(k) Basics Series
• 401(k) Plan Tax and Compliance Issues for Auditors
Future webinars
• January 18- Designated Partner Audit Planning
• March 14- Form 11-K
• April/May - Defined Contribution Audits Intro Level 3 Part
Webinar Series
• April 18- Managers and In-Charge Audit Planning
• July 17- Insurance Products for EBPs
Employee Benefit Plan Audit Quality Center
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Live Forum Webinars- Best Practices
 Easy way to provide staff with EBP-specific CPE
Invite all EBP staff to participate by forwarding
registration EAlerts
Can use for group training in same office
 Listen to missed webinars via audio archive on
Center website (also for new members!)
 Have new staff review list of archived webinars for
topics of interest to them
Employee Benefit Plan Audit Quality Center
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EBPAQC “Topix” Primers
Basic Information about EBP Specific Topics
Intended to Provide Readers with a General
Understanding of Various Issues
Employee Benefit Plan Audit Quality Center
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Primer Topics
The Center has issued 8
primers to date
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Parties In Interest/Prohibited T/A
Bank Collective Investment Funds
403(b) Plans
Limited Scope Audits
Alternative Investments
Stable Value Funds
Cash Balance Plans
Medicare Subsidies
Employee Benefit Plan Audit Quality Center
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Topix Primers- Best Practices
 Incorporate into staff training programs
 Distribute to staff members prior to EBP
engagements
Employee Benefit Plan Audit Quality Center
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Plan Advisories
 Designed to help plan sponsors understand their
responsibilities
Employee Benefit Plan Audit Quality Center
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Plan Advisories
The Center has issued 4 plan advisories
• Effective Monitoring of Outsourced Plan Recordkeeping and
Reporting Functions
• The Importance of Internal Controls in Financial Reporting and
Safeguarding Plan Assets
• Valuing and Reporting Plan Investments
• Understanding Auditor Communications
Employee Benefit Plan Audit Quality Center
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Plan Advisories-Best Practices
 Print in booklet format with firm name/logo for
distribution to clients and prospective clients
 Discuss with clients in planning meetings
 Email to clients with SAS No. 115 letters
 Share with staff to help them understand the client’s
responsibilities
Employee Benefit Plan Audit Quality Center
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SAS 70 Tool
Prepared to assist members in
• Documenting reviews of SAS 70 reports
• Summarizing procedures and findings related to controls at a
service organization relevant to your plan audits
Revised in 2011
Will be revised again to reflect new SOC 1 reports
issued in accordance with SSAE No. 116
Employee Benefit Plan Audit Quality Center
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SAS 70 Tool
The SAS 70 Tool Addresses:
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Type 2 report general information
Service auditor’s opinion
Period covered by the Type 2
report
Service auditor’s professional
reputation
Use of subservice
organizations/carve-outs
Identification of control objectives
and exceptions noted
Complimentary user organization
controls
Documentation of the evaluation
of control objectives
Payroll
Conclusion
Employee Benefit Plan Audit Quality Center
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SAS 70 Tool-Best Practices
 Utilized as part of a centralized review
• Firms in associations prepare checklists to share
with other firms in association.
• Firm with multiple offices may complete checklist
for each service provider and save on a common
drive.
• Each audit team accesses the appropriate
checklist and update for specifics of their client
and the user controls.
 Utilized by an individual engagement team
• Completed for a specific engagement
Employee Benefit Plan Audit Quality Center
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Accounting and Auditing Resource Centers
• 13 Resource Centers
• Tools, primers and
other resources
Employee Benefit Plan Audit Quality Center
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Accounting and Auditing Resource Centers
403(b) Plans
Audit Documentation (SAS No. 103)
Auditor Independence
Defined Benefit Pension Plans
Form 11-K Audits
Fraud in Employee Benefit Plans
Health and Welfare Benefit Plans
Internal Control Communications (SAS No. 115)
Limited Scope Audits
Risk Assessment Standards (Nos. 104-111)
Pension Protection Act of 2006
Plan Investments
Parties In Interest and Prohibited Transactions
Employee Benefit Plan Audit Quality Center
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Limited Scope Audit Resources
“Topix” Primer, Limited Scope Audits of Employee
Benefit Plans
Limited Scope Decision Tree
Excerpts from past employee benefit plan audit risk
alerts
EBPAQC Live Forum webinar archive—Limited
Scope Audits, Basics and Beyond
Links to DOL regulatory information
Employee Benefit Plan Audit Quality Center
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Fraud In Employee Benefit Plans
Resources
Fraud Risk Factors in Employee Benefit Plans
DOL Criminal Enforcement Cases
EBP Fraud Examples
10 Warning Signs That Pension Contributions are
Being Misused
EBPAQC Live Forum Webinar archive—Fraud Risks
in Employee Benefit Plans
Employee Benefit Plan Audit Quality Center
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Plan Investment Resources
Assessing the Fair Values of Your Plan Investments:
Considerations for Plan Management in Understanding How Fair
Values Are Determined under FASB Statement No. 157, Fair
Value Measurements
Illustrative Fair Value Disclosures
FASB ASC 820 Plan Sponsor FAQs
Archived EBPAQC Live Forum webinars – FAS 157 Q&A; FAS
157 Implications to Employee Benefit Plans
Plan Advisory, Valuing and Reporting Plan Investments
“Topix” Primer, Alternative Investments in Employee Benefit
Plans
"Topix" Primer, Stable Value Funds and Investment Contracts—
An Overview
AICPA Alternative Investments – Audit Considerations, A
Practice Aid for Auditors
Employee Benefit Plan Audit Quality Center
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403(b) Plan Resources
“Topix” Primer, 403(b) Plans
403(b) Filing and Audit Requirements
403(b) Plan Audit Frequently Asked Questions
403(b) Questions to Expect from Your Plan Auditor
403(b) Sample Auditor Request List for Plan Information
EBPAQC 403(b) Plan Audit Live Forum archives (2
Webinars)
DOL contact information for 403(b) questions
Links to other resources
Employee Benefit Plan Audit Quality Center
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Member-to-Member Discussion Forum
• 7 forums
• Over 3,050 online
participants
• 1,950 topics posted
• Valuable resource
Employee Benefit Plan Audit Quality Center
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Member-to-Member Discussion Forum
Audit Forum
403(b) Plan Audits
ASC 820 (FAS 157) Fair Value Implementation
Form 5500 Reporting Forum
Tax and Compliance Forum
Multiemployer Plan Forum
Form 11-K Forum
Employee Benefit Plan Audit Quality Center
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Member-to-Member Discussion ForumBest Practices
 Bookmark the Forum
 Visit periodically to keep abreast of hot topics
 Encourage your staff to use Forum
 Use the “search” feature to find a topic
 Help others by responding to postings
Employee Benefit Plan Audit Quality Center
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The Center Website
Your online community and resource repository
Learn about recent EBP developments
Find center tools
Enter the Member-to-Member Discussion forum
Find archived webinars and information about
upcoming center webinars
Connect with other firms
Find answers to your membership questions
Order AICPA EBP publications and CPE
www.aicpa.org/ebpaqc
Employee Benefit Plan Audit Quality Center
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News & Publications
Find:
 Archived EAlerts
 Topix Primers
 Plan Advisories
Employee Benefit Plan Audit Quality Center
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Resources
Employee Benefit Plan Audit Quality Center
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CPE & Events
 Learn about upcoming Center Webinars
 Listen to archived webinars
Employee Benefit Plan Audit Quality Center
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Community
Employee Benefit Plan Audit Quality Center
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Membership
Employee Benefit Plan Audit Quality Center
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EBPAQC Home Page
Employee Benefit Plan Audit Quality Center
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Other Tools, Resources and Benefits
Plan Sponsor Resource Center
Marketing Toolkit
Comment Letters
Practice Tools
Professional Insurance Discount
Employee Benefit Plan Audit Quality Center
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Plan Sponsor Resources
Audit Quality and Auditor Selection
Article: Quality Counts for Your Plan's Financial
Statement Audit
RFP and Auditor Evaluation Process Checklist
Find a Center Member by firm (alpha or state name)
Plan Advisories
DOL/Regulatory Resources
Employee Benefit Plan Audit Quality Center
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EBPAQC Marketing Toolkit
Sample General Announcement to All Firm Staff
Sample Announcement to Employee Benefit Plan Audit Staff
(granting access to website)
EPBAQC Press Release and Press Relations Guidelines
EBPAQC Logo Usage and Guidelines
Client Communication
Client Talking Points
Newsletter Sample
Sample Web site Text
Networking Strategies
Marketing Strategies
Employee Benefit Plan Audit Quality Center
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EBP Testimony and Comment Letters
AICPA Testimony on Fraud in Employee Benefits Plans
AICPA Testimony on Generally Accepted Privacy Principles
(GAPP)
AICPA Request for Extension of 2009 Form 5500/5500-SF Filing
Deadline
AICPA Testimony on Employee Benefit Plan Auditing and
Financial Reporting Models
AICPA Testimony on Stable Value Investments
AICPA Testimony on Hard-to-Value Assets
AICPA Comment Letter on the Certification of Alternative
Investments in Limited Scope Audits
AICPA Testimony on Health and Welfare Plan Audits
Employee Benefit Plan Audit Quality Center
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Practice Tools
ERISA Inventory and Staffing Schedule
Firm Preparedness Checklist
Internal Inspections Tool
Responding to Requests for Proposal
Employee Benefit Plan Audit Quality Center
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Tips and Suggestions
Where to Start
Most-Used Tools and Resources
Employee Benefit Plan Audit Quality Center
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Questions?
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Employee Benefit Plan Audit Quality Center