Josie Hammond - Auditing Employee Benefit Plans

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BY JOSIE HAMMOND, CPA, AND MELISSA FRIVOLD, CPA

Notice to readers

Auditing Employee Benefit Plans is intended solely for use in continuing professional education and not as a reference. It does not represent an official position of the American Institute of Certified Public Accountants, and it is distributed with the understanding that the author and publisher are not rendering legal, accounting, or other professional services in the publication. This course is intended to be an overview of the topics discussed within, and the author has made every attempt to verify the completeness and accuracy of the information herein. However, neither the author nor publisher can guarantee the applicability of the information found herein. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

You can qualify to earn free CPE through our pilot testing program. If interested, please v isit https://aicpacompliance.polldaddy.com/s/pilot-testing-survey.

© 2018Association of International Certified Professional Accountants, Inc. All rights reserved.

For information about the procedure for requesting permission to make copies of any part of this work, please email copyright@aicpa.org with your request. Otherwise, requests should be written and mailed to Permissions Department, 220 Leigh Farm Road, Durham, NC 27707-8110 USA.

ISBN 978-1-119-76380-2 (Paper)

ISBN 978-1-119-76399-4 (ePDF)

ISBN 978-1-119-76398-7 (ePub)

ISBN 978-1-119-76400-7 (oBook)

Course Code: 733843

EBPE-C GS-0418-0D

Revised: September 2019

After completing this chapter, you should be able to do the following:

Recall how a benefit plan is defined according to the Employee Retirement Income Security Act of 1974 (ERISA), generally accepted accounting principles (GAAP), and the IRS.

Distinguish the designs and functions of today’s popular benefit plans.

Identify the auditor’s responsibility regarding tax compliance matters.

Recognize the various parties involved in the operation of a benefit plan and their roles.