Limited-Scope Audits of 401(k) Plans: ERISA Section 103 (a)(3)(C) 2024

Overview

Auditing ERISA Section 103 (a)(3)(C) 401(k) Plans focuses on the “limited-scope” audits that comprise over 80% of the audits filed with the Department of Labor each year. The course takes a hands-on approach to performing these engagements in a manner that ensures compliance with the professional requirements included in AU-C 703.

Highlights

Auditing and reporting requirements to meet when the client selects the ERISA Section 103(a)(3)(C) limited scope audit option
AICPA AU-C 703 Forming An Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
AICPA Audit and Accounting Guide ' Employee Benefit Plans '
Testing participant data

Prerequisites

None

Designed For

CPAs that perform ERISA Section 103(a)(3)(C) limited-scope audits of 401(k) plans.

Objectives

Identify the requirements CPAs should follow when performing an ERISA Section 103(a)(3)(C) audit of a 401(k) plan
Recognize the authoritative literature applicable to performing an ERISA Section 103(a)(3)(C) audit of a 401(k) plan, in particular AU-C 703
Become familiar with the contents of AU-C 703

Preparation

None

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Howard Sibelman, CalCPA Education Foundation

Leader Bios

Howard Sibelman, CalCPA Education Foundation

Howard Sibelman has extensive accounting, auditing and consulting experience with middle-market companies, and he has served clients in the manufacturing, distribution, entertainment, hospitality, and real estate industries. An integral part of Howard’s professional background is his role as an educator. He was the director of continuing education for a national accounting firm, was an instructor at the University of Southern California, was on the faculty of two of the nation’s largest certified public accounting review courses, and has facilitated numerous firm and CPA Society education programs. Howard was previously a business assurance partner at Moss Adams LLP, the 11th-largest accounting and consulting firm in the US. He was a member of the firm’s international services group and the IFRS core training group, and served as the quality control coordinator for the firm’s Los Angeles office. He was recently selected by the California Society of CPAs to be the vice-chairman (chairman elect) of the state’s accounting principles and auditing standards committee. “

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