Knowledge Based Audits of Employee Benefit Plans, with CD (2011)

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Shows practitioners the most effective approach for conducting conservative, high-quality audits of employee benefit plans.
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Description:

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CCH’s Knowledge-Based Audits™ of Employee Benefit Plans shows practitioners the most effective approach for conducting conservative, high-quality audits of employee benefit plans. Designed to help auditors satisfy the highest professional standards, this guide provides not only practical discussion of day-to-day management issues but also easy-to-understand and easy-to-implement advice, procedures, and practice aids to help put official pronouncements into action immediately. From the audit strategy and overall audit approach to 403(b) plans and ERISA issues and more, the book features practice pointers, exhibits, and cost-saving measures throughout to help practitioners increase audit efficiency and effectiveness.

The free companion CD-ROM that accompanies Knowledge-Based Audits™ of Employee Benefit Plans is packed with CCH’s Knowledge-Based Audit (KBA) documents, programs, practice aids, correspondence, and example reports that incorporate the requirements of the Risk Assessment Standards. The KBA is a risk-based audit methodology that emphasizes using knowledge of the entity to make risk assessments in connection with a financial statement audit. These KBA tools will take an auditor through an engagement—from the initial evaluation of a client to the issuance of the auditor’s report—and can be customized to suit each practitioner’s needs.

Benefits and Features:

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Knowledge-Based Audits of Employee Benefit Plans, with CD (2011)

Benefits and Features

Knowledge-Based Audits��� of Employee Benefit Plans consists of twenty-four chapters and covers all major audit topics, including:

  • Pre-engagement activities and audit planning
  • Audit strategy and overall audit approach
  • Audit risk and materiality
  • Fraud risk assessment
  • Risk assessment procedures to obtain an understanding of the plan and its environment
  • Audit sampling
  • Analytical procedures
  • Potential errors and fraud schemes in specific audit areas and examples of fraud-related audit procedures
  • Financial statement assertions, audit evidence, and audit documentation
  • Risk assessment procedures: obtaining an understanding of the plan and its environment
  • Assessing the risks of material misstatement
  • Performing audit procedures in response to assessed risks
  • Plan documents and minutes
  • Contributions and contributions receivable
  • Participant data and eligibility testing
  • Investments
  • Participant loans
  • Plan expenses
  • Benefit payments
  • Defined benefit plans
  • Additional audit considerations
  • Party-in-interest transactions
  • SAS 70 reports
  • Form 5500 considerations
  • Financial statement disclosures
  • General audit procedures
  • Evaluating and concluding the audit
  • Auditor���s reports
  • Minimum workpaper documentation requirements

Contents:

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Knowledge-Based Audits of Employee Benefit Plans, with CD (2011)

Topics and Content

  • Chapter 1: Auditing and Quality Control Standards and the KBA Methodology
  • Chapter 2: Financial Statement Assertions, Audit Evidence, and Audit Documentation
  • Chapter 3: Pre-Engagement Procedures and Audit Planning
  • Chapter 4: Risk Assessment Procedures: Obtaining an Understanding of the Plan and Its Environment
  • Chapter 5: Assessing the Risks of Material Misstatement
  • Chapter 6: Performing Audit Procedures in Response to Assessed Risks
  • Chapter 7: Extent of Audit Procedures and Sampling
  • Chapter 8: Analytical Procedures
  • Chapter 9: Plan Documents and Minutes
  • Chapter 10: Contributions and Contributions Receivable
  • Chapter 11: Participant Data and Eligibility Testing
  • Chapter 12: Investments
  • Chapter 13: Participant Loans
  • Chapter 14: Plan Expenses
  • Chapter 15: Benefit Payments
  • Chapter 16: Defined Benefit Plans
  • Chapter 17: Additional Audit Considerations
  • Chapter 18: Party-in-Interest Transactions
  • Chapter 19: SAS 70 Reports
  • Chapter 20: Form 5500 Considerations
  • Chapter 21: Financial Statement Disclosures
  • Chapter 22: General Audit Procedures
  • Chapter 23: Evaluating and Concluding the Audit
  • Chapter 24: Auditor’s Reports

About the Author(s):

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  • Robert R. Cot��, CPA. After earning a Bachelor of Science degree in Economics from Boston College and completing graduate coursework in accounting and taxation at Golden Gate University, Bob began his career in accounting in 1975. Bob directs the San Francisco office of Cot�� & Company and the firm���s Auditing Department, which provides services for not-for-profit organizations and employee benefit plans throughout Northern California.


  • Crystal A. Ekanayake, CPA, CEBS. An audit partner at Gallina LLP, Crystal has been instrumental in building the firm���s employee benefit audit practice, which she currently leads. In addition, she teaches various accountancy courses at California State University Sacramento (CSU Sacramento).

    Crystal is a member of the American Institute of Certified Public Accountants (AICPA) and California Society of Certified Public Accountants (CalCPA), member. She is the Treasurer of the Sacramento Chapter of the National Institute of Pension Administrators (NIPA). Crystal also serves on the CSUS College of Business Advisory Council, the board of University Enterprises, Inc. (an auxiliary organization of CSU Sacramento), board member. Crystal is also a professional advisor to Beta Alpha Psi at CSU Sacramento and a board member of Big Brothers Big Sisters of Greater Sacramento.

    Crystal received her B.A. degree from California Polytechnic State University, San Luis Obispo, and her MBA and Master of Accountancy degrees from CSU Sacramento. She was granted a Certified Employee Benefit Specialist (CEBS) designation from the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania.


  • Linda D. Lauer, CPA, CEBS, is director of employee benefit plan services at Thompson Dunavant PLC, in Memphis, Tennessee. Linda is devoted full time to the employee benefit plan practice within her firm. She frequently conducts webinars, seminars, and conferences on auditing employee benefit plans as well as plan administration issues and fiduciary responsibilities.

    Her background includes over twenty years of experience in plan administration, consulting, record keeping and auditing employee benefit plans, including managing Fortune 500 companies��� benefit programs.

    Linda is a graduate of the University of Memphis, where she earned her Bachelor of Science in Accounting. She was granted a Certified Employee Benefit Specialist (CEBS) designation from the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania.

    She is a licensed CPA and a member of the American Institute of Certified Public Accountants (AICPA) and the Tennessee Society of Certified Public Accountants (TSCPA).

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