over 1,890 firm members all 50 states and territories 50+ firm
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MACPA Employee Benefit Plan Audit Conference
May 7, 2010
Employee Benefit Plan Audit Quality Center
Update
Ian MacKay, Director
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The EBPAQC “Community”
Over 1,890 firm membersAll 50 states and territories50+ firm members in Maryland
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Firm Size- # of CPAs
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EBPAQC Members- # of ERISA Audits
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EBPAQC Executive Committee
Marilee Lau, Chair Marilee Lau CPATimothy Desmond O’Connor Davies Munns & DobbinsHal Hunt Mayer Hoffman McCann P.C.Carl Kampel Ellin and Tucker, CharteredIlene Kassman KPMG LLPHeidi LaMarca Windham Brannon PCBob Lavenberg BDO Seidman LLPLynne McMennamin McGladrey and Pullen LLPSusan Peirce Apple Growth PartnersLee Piper PricewaterhouseCoopers, LLPDarrell Schubert Ernst & Young LLPWilliam Seymour SB & Company, LLPDebbie Smith Grant Thornton LLPAlice Wunderlich Deloitte & Touche, LLP
Ian MacKay, DirectorSue Hicks, Senior ManagerShelly Desbois, ManagerCynthia Dillon, Administrator
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EBPAQC EAlertsIssued over 203 EAlerts
Recent topics
Future Live Forums
Update on 403(b) Audits
EBPAQC Resources and Tools
Tool for Preparing Internal Control Communications
Fraud in Employee Benefit Plan Audits
Limited Scope Audit PrimerArchived on Center website under “Resources”Share with others in the firm
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EBPAQC Center Live Forum WebinarsRecent webinars:
Designated Partner PlanningManager and In-Charge PlanningFraud Risks in EBPsEFAST211-k AuditsESOPs
Future webinars: Insurance products- June 2, 2010403(b) Plan Audits (# 2)- June 10, 2010
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Member-to-Member Discussion ForumOver 2,800 participants
Over 1,600 topics
7 forumsAudit
FAS 157 Implementation
403(b) Plan Audits
Tax and Compliance
Multiemployer plan
Form 5500
Form 11-k
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Resources and ToolsOnline Resource Centers
403(b) Plans
Plan Investments/ FAS 157
Defined benefit plans
Health and welfare plans
Limited scope audits
Form 11-K plan audits
SAS 115 and 112
PPA
Plan Sponsors
Marketing Toolkit
Tools
List of common deficiencies
SAS 70 checklist
Self-inspection best practices
FASB Codification
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Summary of New Requirements
403(b) Plan Primer
“Getting Started”
Auditor Request List
Auditor Questions
FAQs
Share with Your Clients!
403(b) Plan Audit Tools
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Plan Advisories
•Monitoring outsources activities•Internal controls•Plan investments/ FAS 157 fair value
Share with Your Clients!
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Other EBPAQC projects
New tools being developed:
Plan Advisory on Audit Communications
Prohibited transactions/parties-in-interest
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EBPAQC Executive Committee“brainstorm” ideas
Additional areas for webinars and tools?
Compliance testing/operational issues/compensation
Tax basics for auditors
DC audits- Intro level webinar series
Risk assessment best practices
DOL audit inspections-what to expect
Audit sampling in EBP audits
Using Center resources
Quarterly updates for Designated Partners
Actuarial definitions
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Other activities
Ongoing liaison with DOL Office of Chief
Accountant
403(b) Plan Audit Task Force
Promote EBPAQC resources to plan sponsors and
other stakeholders
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Future goals
Continue to improve audit quality statistics– Decrease findings and deficiencies in
DOL and peer reviews of ERISA audits
Continue high member satisfaction and value
Continue to increase awareness and interest in the Center
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Future challenges
Challenges to increasing membershipAttracting smaller firms that audit only a few ERISA plans
Challenges to audit qualityIncreasing complexity- new accounting and audit standards, new DOL regulations
403(b) plan audits
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Questions?