EBP2216. Planning and Risk Assessment: Part I

This session is Part I of II, in which we will work through the planning and risk assessment process for the fundamental track case study of an ERISA Section 103(a)(3)(C) audit and will continue in Session EBP2221. In summary, we will review the conceptual framework for audit planning, identify the circumstances for an ERISA Section 103(a)(3)(C) audit and understand the appropriate evaluation of a SOC 1 report and how it impacts your audit procedures. In addition, we will review the documentation of risk assessment in an EBP audit and identify the linkage of risk assessment to audit procedures.

Learning Objectives:

• Recognize necessary procedures to properly plan an employee benefit plan, through utilization of an example
• Identify risk assessment and the design of and linkage to planned procedures based on risk evaluation by audit area at the assertion level
• Distinguish when ERISA Section 1039a)(3)(C) audits are appropriate
• Recall SOC 1 report and its impact on planned procedures and risk assessment