Employee Benefit Plan Audit Quality Center

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EBPAQC Tools and Resources: Getting the Most from Your Membership

November 30, 2011

Employee Benefit Plan Audit Quality Center

CPE Credit For Today’s Webinar

Must have registered for CPE credit prior to this live forum webinar eventParticipation 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

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Employee Benefit Plan Audit Quality Center 4

Panelists

Robert Lavenberg, CPAHeidi LaMarca, CPA BDO USA LLP Windham Brannon PC

William Seymour, CPASB & Company, LLC

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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

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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

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Timely news on current regulatory and professional activities affecting benefit plans

• Sent to Center Designated Partner and Administrative Contact

• Archived on EBPAQC website

EAlerts

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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

EAlerts- Recent Topics

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Save in email folders (e.g.- EBPAQC EAlerts folder)Share with all EBP staff in the firm by forwarding the

EAlertsShare important news and information with clientsUse webinar announcements to invite staff to

participate

EAlerts- Best Practices

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Webinar events• Very well-attended• CPE option

Audios and slides archived on Center website (not available for CPE)

Live Forum Webinars

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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

Live Forum Webinars- Recent and Future

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Live Forum Webinars- Best Practices

Easy way to provide staff with EBP-specific CPEInvite 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

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Basic Information about EBP Specific Topics

Intended to Provide Readers with a General Understanding of Various Issues

EBPAQC “Topix” Primers

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The Center has issued 8 primers to date

• 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

Primer Topics

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Topix Primers- Best Practices

Incorporate into staff training programsDistribute to staff members prior to EBP

engagements

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Designed to help plan sponsors understand their responsibilities

Plan Advisories

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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

Plan Advisories

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Print in booklet format with firm name/logo for distribution to clients and prospective clients

Discuss with clients in planning meetingsEmail to clients with SAS No. 115 lettersShare with staff to help them understand the client’s

responsibilities

Plan Advisories-Best Practices

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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

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The SAS 70 Tool Addresses:• 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

SAS 70 Tool

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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

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• 13 Resource Centers

• Tools, primers and other

resources

Accounting and Auditing Resource Centers

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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

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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

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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

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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

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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

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• 7 forums• Over 3,050 online

participants • 1,950 topics posted• Valuable resource

Member-to-Member Discussion Forum

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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

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Member-to-Member Discussion Forum- Best Practices

Bookmark the ForumVisit periodically to keep abreast of hot topicsEncourage your staff to use ForumUse the “search” feature to find a topicHelp others by responding to postings

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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

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News & Publications

Find: Archived EAlerts Topix Primers Plan Advisories

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Resources

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CPE & Events

Learn about upcoming Center Webinars Listen to archived webinars

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Community

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Membership

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EBPAQC Home Page

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Other Tools, Resources and Benefits

Plan Sponsor Resource Center

Marketing Toolkit

Comment Letters

Practice Tools

Professional Insurance Discount

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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

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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

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EBP Testimony and Comment LettersAICPA 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

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Practice Tools

ERISA Inventory and Staffing Schedule

Firm Preparedness Checklist

Internal Inspections Tool

Responding to Requests for Proposal

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Tips and Suggestions

Where to Start

Most-Used Tools and Resources

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Questions?