WHO TO CONTACT DURING THE LIVE EVENT For Additional Registrations: -Call Strafford Customer Service 1-800-926-7926 x10 (or 404-881-1141 x10) For Assistance During the Live Program: -On the web, use the chat box at the bottom left of the screen If you get disconnected during the program, you can simply log in using your original instructions and PIN. IMPORTANT INFORMATION FOR THE LIVE PROGRAM This program is approved for 2 CPE credit hours. To earn credit you must: • Participate in the program on your own computer connection (no sharing) – if you need to register additional people, please call customer service at 1-800-926-7926 x10 (or 404-881-1141 x10). Strafford accepts American Express, Visa, MasterCard, Discover. • Listen on-line via your computer speakers. • Respond to five prompts during the program plus a single verification code. You will have to write down only the final verification code on the attestation form, which will be emailed to registered attendees. • To earn full credit, you must remain connected for the entire program. Employee Benefit Plan Audit Peer Reviews Preparing for Risk Assessment, Control Document Inspection, and Other Peer Reviewer Concerns WEDNESDAY, JUNE 21, 2017, 1:00-2:50 pm Eastern FOR LIVE PROGRAM ONLY
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WHO TO CONTACT DURING THE LIVE EVENT
For Additional Registrations:
-Call Strafford Customer Service 1-800-926-7926 x10 (or 404-881-1141 x10)
For Assistance During the Live Program:
-On the web, use the chat box at the bottom left of the screen
If you get disconnected during the program, you can simply log in using your original instructions and PIN.
IMPORTANT INFORMATION FOR THE LIVE PROGRAM
This program is approved for 2 CPE credit hours. To earn credit you must:
• Participate in the program on your own computer connection (no sharing) – if you need to register
additional people, please call customer service at 1-800-926-7926 x10 (or 404-881-1141 x10). Strafford
accepts American Express, Visa, MasterCard, Discover.
• Listen on-line via your computer speakers.
• Respond to five prompts during the program plus a single verification code. You will have to write
down only the final verification code on the attestation form, which will be emailed to registered
attendees.
• To earn full credit, you must remain connected for the entire program.
Employee Benefit Plan Audit Peer Reviews Preparing for Risk Assessment, Control Document Inspection, and Other Peer Reviewer Concerns
WEDNESDAY, JUNE 21, 2017, 1:00-2:50 pm Eastern
FOR LIVE PROGRAM ONLY
Tips for Optimal Quality
Sound Quality
When listening via your computer speakers, please note that the quality
of your sound will vary depending on the speed and quality of your internet
connection.
If the sound quality is not satisfactory, please e-mail [email protected]
Participants’ data – multiemployer plans, participant allocations
Testing of information given to the actuary
Evaluation qualifications and reputation of actuary
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AICPA/EBPAQC Response
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AICPA EBPAQC Planning Tool
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Shared with
permission of
EBPAQC
AICPA EBPAQC Resources
EAlerts
Webinars
Website
Member-to-member Forum Resource
Centers
Tools
Primers
Plan Advisories
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AICPA response (continued) Early April 2016, the AICPA launched an employee benefit plan
certificate program to allow practitioners to show their competency.
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AICPA response to 2014 DOL and other findings
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AICPA response (continued) Creation of competency framework for employee benefit plans will
help practitioners assess whether they have the competency needed for employee benefit plan financial audits and, if not, what curriculum they need to gain competency.
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Peer Review is Evolving Each Year
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Reporting Guidance Related to Peer Review
Peer Review Alert 11-03
Unique risk associated with each type of plan Defined contribution
Defined benefit
Health and welfare
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Enhanced Oversight “ A sound audit does not occur by chance.” Susan S. Coffey,
CPA, AICPA executive vice president
“When the enhanced oversight program first started, the focus was on detecting quality challenges, but the primary focus has evolved to determining the characteristics of the firms we find are performing well, as well as digging deeper to discover why firms with performance issues are not performing well.” Jim
Brackens, CPA AICPA vice president of ethics and practice quality.
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Specific focus on reforms to enhance quality and accountability
2014 piloted an enhanced oversight program in which subject-matter experts conducted surprise examinations of a sample of engagements after the completion of peer review
2015 program was expanded
2016 pilot program was converted to a permanent part of the Peer Review Program and root cause analysis was introduced
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Increased focus 2015 and 2016 peer reviews included increased focus
on specialized industries Includes employee benefit plans
Specialized industries
Areas where peer reviewers and expert noted the greatest issues
2017 peer reviews will have greater expertise oversight and reviewers will perform enhanced assessment of firms’ quality control systems
Expansion of data-matching via publicly available databases
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Completeness of the Population
Purpose of analyzing publicly available information from the Department of Labor’s (DOL) EFAST2 database.
The objective is to verify whether auditors performing 2014 and 2015 employee benefit plan (EBP) audits are properly enrolled in peer review and whether EBP audits were properly included within the scope of the firm’s peer review.
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Impact of not enrolling or omission Firms that are not enrolled in the program as required
by AICPA membership bylaws or their state regulatory authority will be referred to AICPA Professional Ethics Division or the appropriate regulatory or licensing authority.
Firms that omit an EBP audit from the scope of their peer review will be notified that their most recent peer review acceptance letter will be recalled.
The firm will be subjected to a hearing panel
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Quality trends based on the Enhanced Oversight
Analysis indicates the most common cause of material non-conformity in audits is a lack of adequate audit documentation
Inadequate documentation is cause of >50% of non-conformity
2017 peer reviews will have increased emphasis on audit documentation
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AICPA/EBPAQC assistance with peer review issues – audit documentation
EBPAQC sponsoring Audit Documentation Webcast See June 9, 2017 EBPAQC Alert #393
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Audit Documentation Resources
The AICPA has created an audit documentation toolkit with resources to help your firm address common documentation issues. This is a component of the PCPS Invigorate the Focus on Quality toolkit, which contains even more resources to assist with audit quality in your practice. Journal of Accountancy article: Audit documentation: Tips for getting it right Staff Training: This PowerPoint presentation (with speaker notes) is designed to support firms as
they train audit personnel on how to comply with AU-C section 230. Working Paper Template: This practice aid is intended to help auditors document the results of
testing while meeting the requirements of AU-C section 230, Audit Documentation. In addition to a template that can be used in your audits, the aid includes examples of well-documented analytical procedures and detail testing.
Internal Inspection Aid: Gear up for your firm's internal inspection by reviewing this aid, which is
designed to support those performing the inspection as they identify and address documentation deficiencies. FAQs: Get answers to some of the most common questions the AICPA receives about documentation.
Firm’s System of Quality Controls in Accordance with Statement on Quality Control Standard No. 8
• Inspection results
• Maintenance of CPE compliance tracking mechanisms
• Policy for & results of review of certain documents by individual outside of engagement team
Measurement of Compliance
with Professional Standards
Presenter’s Bio Susan J. Peirce, CPA, MTax
Sue Peirce is a principal and leads the employee benefits audit and specialty services team at Apple Growth Partners. Sue has led the development of numerous services at the firm including specialty audit services, benefit plan design and administration, and SOC engagements. She has implemented Lean principles in the delivery of audit services to achieve more efficient processes and outcomes in audit engagements. Sue regularly writes articles, hosts webinars, and has presented at numerous events including the AICPA National Employee Benefit Plan Conference, Matrix Financial Solutions Annual Conference, and various state CPA societies.
In addition to her audit work, she provides consulting services to business owners and professionals with a special emphasis on benefit plan services. Her expertise includes a focus on qualified retirement plans and related design, compliance, non-discrimination testing, distribution and reporting issues.
Sue is a former member of the AICPA Employee Benefit Plan Audit Quality Center Executive Committee.
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• Common Plan Audit Deficiencies
• Best Practices in Audit
Documentation
• Inspection Requirements
• Peer Review Approach/Best
Practices
Jessie Kanter, CPA is a director specializing in A&A quality
control at BlumShapiro, the largest regional accounting firm
based in New England. Jessie specializes in audits of
employee benefit plans.
Jessie has been managing employee benefit plan audits for
many years and assists clients in meeting their annual
reporting and compliance requirements for defined
contribution, defined benefit and health and welfare plans. In
addition, Jessie provides plan sponsors and administrators
with the information and tools they need to improve their
policies, procedures, and controls for management of
employee benefit plans.
Jessie has been an expert speaker on employee benefit plan
issues and routinely teaches firm sponsored seminars related
to employee benefit plans and other accounting and auditing