EBP22004. Peer Review Part I

NOTE FOR PEER REVIEWERS: You must attend both sessions if you wish to satisfy your annual EBP must-select training requirement. This session will address new and recent changes to guidance related to peer reviews of employee benefit plan (EBP) audit engagements. For peer reviewers, attendance of both parts I and II will satisfy the annual peer review must-select training requirement to review EBP engagements. This session is designed to include discussion of performing peer reviews, using the Peer Review Employee Benefit Plan Audit Engagement Checklist (EBP checklist), and real-life EBP audit findings. This presentation is primarily for peer reviewers; however, these sessions include discussion of topics that will help subject matter experts gain insight to the peer review process and benefits of serving as a team member in peer reviews. Presenters will provide:     * Insights regarding regulatory changes that affect EBP audits     * Updates on recent or upcoming changes to professional standards applicable to peer reviews and EBP audit engagements     * An overview of recent and planned changes to the Peer Review EBP checklist, including guidance for peer reviewers when using bolded questions to evaluate whether an engagement was performed and reported on in conformity with applicable professional standards in all material respects

Learning Objectives:

• Analyze changes to the regulatory environment affecting audits of employee benefit plans
• Use peer review program standards and related guidance to effectively perform peer reviews
• Differentiate reporting requirements and effective dates for existing and newly issued professional standards impacting audits of employee benefit plans, such as SAS No. 136, as amended
• Identify recent changes to the peer review checklist for employee benefit plan audit engagements
• Use bolded questions in the EBP checklist to conclude whether an engagement is nonconforming