CPE Course FAQ Employee Benefit Plan Accounting and Audit

June 15, 2018

8:30am — 4:15pm

Location Manchester

Member Price $259.00Register after May 25 and pay $279.00
Non-member Price $359.00Register after May 25 and pay $379.00

Curriculum Accounting & Audit

Field of Interest Benefits, Accounting (General), Accounting and Auditing, Auditing

Level Intermediate

Designed For

Practitioners in public practice who need to stay current with the changing issues in the employee benefit plan audit arena.


Audit quality has been a favorite topic by the Department of Labor for many years. The DOL oversight and continued surveys highlight the fact that the average audit deficiencies have not declined even with such focus on reviewing the auditor’s workpapers. This program hits the mark by reviewing real issues and questions asked by participants of Loscalzo’s Employee Benefit Plan seminars in the past. Also, included are observations and best practices identified by the author when performing employee benefit plan quality control and consulting engagements. This course includes issues dealing with reporting and disclosures, as well as required audit procedures and best practices. Get quick and practical solutions to common questions that may confront your benefit plan practice.

Participants will be able to:
• Understand the impact that the DOL regulatory and legislative programs are having on the audit of EBPs
• Focus on real questions and issues encountered in accounting and financial reporting issues
• Anticipate and plan for real practice problems encountered by other practitioners
• Effectively evaluate the SOC report
• Consider the resources needed with an EBP practice
• Plan for the competencies required in auditing EBPs
• Recommend solutions for correction of non-compliance using the programs available by EBSA
• Identify reporting requirements for prohibited transactions
• Report the Required Supplemental Information required by DOL


Accounting and disclosure issues including:
• Fair value accounting measurement, disclosure, and reporting issues
• Investments
• Specialized EBP financial statement disclosures
• Party-in-interest and prohibited transactions disclosures
• Plan administrative expenses
• DOL supplemental schedule presentation and reporting
• Plan operational defects and plan terminations
• Required communication with those charged with governance
Auditing and engagement documentation issues including:
• Common audit and reporting deficiencies, including those identified in the recent DOL Audit Quality Study and peer reviews
• EBP audit planning and risk assessment documentation considerations
• Internal controls documentation and testing and reviewing and linking SOC 1 reports
• Evaluation and use of third party valuation specialists
• Participant data testing requirements and shortfalls
• Full scope vs limited scope requirements and procedures
• Auditing employer and employee contributions
• Required audit procedures for plan expenses, forfeitures, and participant distributions
• Plan terminations and mergers


Rebecca Lee, CPA

REBECCA M. LEE, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. She was a principal organizer of Brooke, Freeman & Lee, Birmingham, Alabama, in 1982. As the Firm’s audit partner, she is responsible for the Firm’s audit practice and serves as a quality control reviewer for other firms. She has served on numerous AICPA and state society committees including the AICPA Management Consulting Service Professional Practice Subcommittee and Small Business Consulting Practices Subcommittee and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves as Chairman of the South Carolina Association of CPAs’ Continuing Professional Education Committee. She holds a BS degree in Accounting from Jacksonville State University, Jacksonville, Alabama, along with a Masters Degree in Accounting from Birmingham Southern College, Birmingham, Alabama. Ms. Lee is a discussion leader for all staff level audit training programs as well as, other accounting and auditing technical courses. She is a frequent speaker at CPA conferences, and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. Ms. Lee has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs and the AICPA.close




Loscalzo Associates, Ltd.

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