EBP2219. Unique Aspects of Auditing Defined Benefit Plans

This session will address unique issues encountered in defined benefit plan audits. We will cover difference in auditing from defined contribution plans, including testing of benefit payments and census data. We will discuss audit considerations related to actuarial assumptions, including the use of a specialist, cash balance provisions, plan terminations and de-risking. Participants are expected to have a basic understanding of defined benefit plans (consistent with having reviewed Chapter 6 of the AICPA Accounting and Auditing Guide). After this sessions, participants will be able to:

Learning Objectives:

• Compare the benefit payment testing procedures with defined contribution plans
• Determine the key census data points (demographic, status, accrued benefit and benefit amount) used in defined benefit plans, and why it is important that it be accurate
• Choose an audit plan to address the unique issues of annuity buy-outs and de-risking