EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon...

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EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce, Bevill, Leesburg, Moore, P.C.

Transcript of EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon...

Page 1: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

EMPLOYEE BENEFITPLAN AUDIT

BEST PRACTICES

Shannon Black, C.P.A., C.M.A., C.E.B.S.Black & Pinckard, L.L.C.

Joe Lassiter, C.P.A.Pearce, Bevill, Leesburg, Moore, P.C.

Page 2: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

QUICK BACKGROUND ON ERISA AUDIT

REQUIREMENTS

Page 3: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

Compliance (and more)

Page 4: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

Why We Do What We Do?

Page 5: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

PLANNING

PLANNING

Page 6: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

PLANNING

• Engagement letter (sign it sowe can get started early

• Understand Plan operations and update documentation(change plan provisions, payroll system or service provider, audit scope)

Page 7: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

PLANNING

• Key Plan personnel (accounting, HR, payroll, plan administrator. Some do not understand fiduciary duties/responsibilities.)

• Who service providers are and what services they provide (anyone who provides servicesto the Plan)

Page 8: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

PLANNING

• Timing of audit fieldwork (the audit takes longer than what you see when we are in the field)

• Obtain census and audit package (what can go wrong here) and select samples.

Page 9: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

PLANNING

• SOC1 and investment certification• Discussions with Management• Analytical review (year to year

comparisons)• Financial statement preparation

Page 10: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

TESTING (FIELDWORK)

Page 11: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

TESTING (FIELDWORK)

• Recalculate gross compensation (why we do that)

• Agree census to payroll and demographics to underlying participant records (DOB, DOH, DOT for vesting and retirement age purposes)

Page 12: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

TESTING (FIELDWORK)

• Recalculate EE/ER contributions based on deferral % (obtained from enrollment/change forms or other sources if electronic process)

• Agree EE/ER contribution per census to participant account (CY/PY receivables in and out) –could be posted to wrong participant account

Page 13: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

TESTING (FIELDWORK)

• Confirmations (hard copy/email)

• Distribution request forms and evidence of termination (or confirmations) – check with TPA for check copies/forms/1099s if sponsor does not retain

Page 14: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

TESTING (FIELDWORK)

• Recalculation of investment income for sample of funds in participant accounts compared to return per Morningstar, Yahoofinance, etc.

• Ascertain that contributions are properly posted to investment selected by participant

Page 15: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

TESTING (FIELDWORK)

• Timely submission of contributions to trust (clarity on the rule!!!)

• Loans (if not certified)

• Rollovers (into Plan)

Page 16: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

WRAP-UP

Page 17: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

WRAP-UP

• Review process• Management

representation letter• Management comments

(suggestions for improvement or errors found)

Page 18: EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES · EMPLOYEE BENEFIT PLAN AUDIT BEST PRACTICES Shannon Black, C.P.A., C.M.A., C.E.B.S. Black & Pinckard, L.L.C. Joe Lassiter, C.P.A. Pearce,

QUESTIONS

Shannon Black, C.P.A., C.M.A., C.E.B.S.Black & Pinckard, L.L.C.P.O. Box 26384Hoover, AL 35260(205) [email protected]

Joe Lassiter, C.P.A.Pearce, Bevill, Leesburg, Moore, P.C.110 Office Park Drive, Suite 100Birmingham, AL 35223(205) [email protected]

Contact Information:


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