EBP24001. Peer Review Workshop 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 the impact of recent changes to guidance related to peer reviews of employee benefit plan (EBP) audit engagements, real-life examples of matters identified in peer review, and the United States Department of Labor Employee Benefits Security Administration November 2023 Audit Quality Study. 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 the evaluation of 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: * Updates on recent or upcoming changes to professional standards applicable to peer reviews and EBP audit engagements * Insights regarding regulatory changes that affect EBP audits * An overview of recent 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 auditing and reporting requirements for audits of employee benefit plans including recent changes to professional standards and their impact on employee benefit plan audits
• Identify recent changes to the peer review checklist for employee benefit plan audit engagements
• Use real-life examples identified in peer review audits and compare the impact of various matters