Employee Benefit Plans: Auditing Investments
Author: Lewis R. Fisher
| CPE Credit: |
2 hours for CPAs |
Employee benefit plans hold a variety of investments, ranging from simple to complex. Regardless, the auditor is required to gain an understanding of the investments, assess the fair market value classification and disclosure requirements, and potentially perform testing over existence and valuation. This course will give you an introduction to the types of investments typically seen, along with auditing and fair market value techniques you can immediately use in your audits.
Publication Date: July 2023
Topics Covered
- Definitions
- Section 103(a)(3)(C) Audit
- Limited Scope versus Full Scope Audits
- Types of Investments
- Fair Market Value Measurements
- Designing your Audit Approach
Learning Objectives
- Describe the types of investments held in employee benefit plans
- Recognize and explain the differences between a limited scope and full scope audit
- Identify how to design and implement an audit approach for testing investments
- Recognize how to differentiate types of assets typically certified
- Recognize fair value measurements and how they apply
- Describe the three common valuation techniques with respect to fair value
- Identify the insurance companies answer to mutual funds
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
