The Business Learning Institute - Events - Audits of 403(b) Plans: A Challenging New Audit Area

Audits of 403(b) Plans: A Challenging New Audit Area

Description		The audit of the 403(b) plan will be a new growth area for the benefit plan auditor. Learn the similarities and the differences between the audit of a 403(b) plan in comparison to that more familiar vehicle - the 401(k) plan. This course is designed to build upon what you already know about auditing benefit plans. It will provide a background on the tax rules applicable to a 403(b) plan, enabling the auditor to develop a better understanding of how these plans are different and how the audit procedures must be modified. Particular attention will be paid to the open issues created by the first time audit of a benefit plan that may have been in existence for nearly 50 years and whose investments have been managed more like individual retirement accounts, than qualified plan trust accounts.
Objectives		Upon completion of this course, participants will be able to: Distinguish between the operating differences of a 401(k) and a 403(b) plan Identify the key issues that must be addressed in preparing for the initial audit of the 403(b) plan Recognize the unique internal controls that should be present for a 403(b) plan Recognize the challenging open issues on the definition of a plan participant and a plan asset Design audit procedures responsive to the unique attributes of 403(b) plans Plan the scope of the audit with particular attention to first time through procedures Apply the accounting requirement for employee benefit plans to this arrangement
Highlights		What is the structure of these arrangements under final IRS regulations What changed What are the implications of changes in regulations on the internal control systems for such program Help recognize which arrangements are subject to ERISA's reporting and disclosure scheme How are former employees treated under 403(b) plans for purposes of including their contracts as plan assets or counting them as plan participants What asset types are permitted What unique audit risks exist What is the tax status Is there a determination letter program How do I help my clients get prepared for this process
Designed For		Practitioners providing employee benefit plan audit and accounting services, benefit plan administrators, and employees of exempt organizations with responsibility for accounting and reporting for 403(b) plans.
Recommended CPE Credits		8
Prerequisites		It is anticipated that the person taking this course will understand the audit of an employee benefit plan, the basics of ERISA, etc. * A working knowledge of the audit requirements of a 401(k) plan will be particularly helpful.
Event Id / Acronym		10FOTB
Course Level		Intermediate
Field(s) of Study		Accounting & Auditing
Producer		AICPA
Instructor