Become familiar with special characteristics of the 403(b) plan, build your knowledge of auditing benefit plans and learn the similarities and differences between auditing a 403(b) plan and the more familiar 401(k) plan. We'll discuss the background of the tax rules applicable to a 403(b) plan; develop a better understanding of how the audit procedures must be modified from those of more traditional plans; focus on the open issues created by the first-time audit of a benefit plan and whose investments may have been managed more like individual retirement accounts than qualified plan trust accounts.
Formerly titled: Audits of 403(b) Plans: A Challenging New Audit Area
Determine differences between operating differences of 403(b) and 401(k) plans.
Identify the key issues that must be addressed in preparing for the initial audit of a 403(b) plan.
Recognize unique internal controls that should be present for a 403(b) plan.
Determine audit procedures responsive to the unique attributes of 403(b) plans.
Identify the scope of the audit with particular attention to first-time procedures.
Identify and apply the accounting requirement for employee benefit plans to this arrangement.
403(b) plans basics
Governmental regulations and reporting requirements
Engagement planning and internal control environment
403(b) plan audit and accounting issues
Plan sponsor action steps
Audit opinions and financial statements
Form 5500 and other items for consideration
Practitioners providing employee benefit plan audit and accounting services; benefit plan administrators; and employees of exempt organizations responsible for accounting and reporting of 403(b) benefit plans.
An understanding of employee benefit plan audits, basics of ERISA and a working knowledge of 401(k) plan audit requirements.
Advanced Prep: None
Speaker: Alan D Ross, CPA
Field of Study: Accounting & Auditing
CPE Credit: 8 Hours
Meet the Speaker:
Alan D Ross, CPA is the founder and President of Alan Ross & Co., PC, which is a local CPA firm in Wyomissing, Pennsylvania. He is a 1978 Graduate of Albright College, where he earned his BS in Accounting. He was employed from 1978 through 1982 by Samuel M Fisher and Company, and became a partner in the firm Zuber, Close, Ross & Company in 1982. He also was a member of the adjunct faculty at Albright College, where he taught accounting and auditing courses for three years. In 1985 he founded Alan Ross & Company, PC, Certified Public Accountants, where he provides a wide range of accounting, tax, and auditing services to clients in a wide range of fields. His firm provides accounting and auditing services for individuals, sole proprietors, partnerships, limited liability companies, corporations and not-for-profit organizations. His clients range in size from individuals to massive entities with assets in excess of $1 billion. In addition, his firm provides tax planning services, financial planning services, business valuation services and consulting services. Mr. Ross writes a monthly column for The Berks County Medical Record titled Financial and Tax Issues, which focuses on financial issues of interest to physicians and wealthy individuals. Mr. Ross serves as an instructor who teaches Continuing Educational Courses for the Pennsylvania Institute of Certified Public Accountants and the American Institute of Certified Public Accountants. Mr. Ross has served as a Past President of the Reading Chapter of the Pennsylvania Institute of Certified Public Accountants