EBP2415. Initial Audits

The audit requirements changed effective January 1, 2023. We will review the new 5500 requirements. In addition, we will discuss the first year audit requirements when a plan meets the DOL rules for an audit, a plan which has been audited by another auditor and a new plan.

Learning Objectives:

• Identify the specific risks of a first-year audit engagement.
• Apply audit guidance related to initial benefit plan audits.
• Identify the unique characteristics of defined contribution and defined benefit plans as they relate to initial plan audits.