The Department of Labor (DOL) oversight and monitoring of audit quality has intensified and will continue for employee benefit plan (EBP) audits for the foreseeable future. The AICPA initiative on Audit Quality has also addressed the issue through the peer review process. This course discusses the deficiencies noted in peer reviews in significant audit areas. Skills and knowledge will be covered in the following areas:
- Stay current on regulatory initiatives, findings, and actions
- Identify and address recurring difficult and complex accounting, auditing, and financial reporting issues in EBP engagements
- Effectively perform required auditing procedures
- Document evidence obtained to support the opinion
- Identify deficiencies and focus on best practices
- Understand the required audit procedures for selected accounts
- Identify current auditing issues with common sense solutions
- Prepare adequate and sufficient audit documentation that will satisfy the professional standards for documentation and the DOL
- Avoid mistakes and deficiencies in financial reporting and disclosures noted by DOL Audit Quality Study and Peer Reviews
- Testing journal entries to address risk of management override of controls
- Participant data test • Auditing investments—full-scope procedures
- Auditing and reporting on the fair value of investments
- Full-scope investment confirmation
- Auditing investments—limited-scope procedures
- Auditing contributions and notes receivable from participants
- Auditing participant benefit payments
- Auditing accrued liabilities
- Auditing plan expenses
- Auditing party-in-interest and related party transactions
- Download PDF manual - view your upcoming events in "My CPE" on website
- Test your computer/device for compatibility with virtual meeting space well in advance of your webinar
Salvatore A. Collemi, CPA, is the Managing Member & Founder of Collemi Consulting & Advisory Services, LLC. Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms.
Collemi Consulting & Advisory Services, LLC’s mission is to promote and enhance audit quality to U.S. and international public accounting firms, law firms, valuation firms, standard-setters, regulators and other organizations that influence the public accounting profession.
His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Mr. Collemi is also available as a keynote speaker at company retreats.
As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and external auditor at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.
As a recognized SME on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.
For more information, please visit our website at https://collemiconsulting.com/