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EBPAQC Tools and Resources: Getting the Most from Your Membership November 30, 2011
CPE Credit For Today’s Webinar • Must have registered for CPE credit prior to this live forum webinar event • Participation markers will appear on your screen approximately every fifteen minutes during the event. • Click the "OK" button on the pop up marker to evidence your participation in the event. You are required to participate in a minimum of 75% of these markers. • Note: Center web events will no longer use CPE codes. • Upon completion of the webinar, a CPE Certificate will be placed in your account on www.cpa2biz.com, which you will have access to for up to six years. • If you have any questions regarding CPE, please contact service@aicpa.org
Panelists • Robert Lavenberg, CPA Heidi LaMarca, CPA • BDO USA LLP Windham Brannon PC William Seymour, CPA SB & Company, LLC
Objectives • Learn how the Center tools and resources can support your audit practice • Explore the Center website, your online community and resource center • See what additional resources the Center provides
EBPAQC Resources and Tools • EAlerts • Live Forum Webinars • Member-to-Member Discussion Forum • Accounting and Auditing Resource Centers • Topix Primers • Plan Advisories • Other resources, tools and benefits
EAlerts • Timely news on current regulatory and professional activities affecting benefit plans • Sent to Center Designated Partner and Administrative Contact • Archived on EBPAQC website
EAlerts- Recent Topics • EBPAQC Resources • DOL Resources • A&A Technical Hotline support • EBPAQC testimony • Member-to-member Forum Contest • Revised Plan Advisory on Investments Available • FASB Approved Expanded Employer Disclosures for Multiemployer Pension Plans
EAlerts- Best Practices • Save in email folders (e.g.- EBPAQC EAlerts folder) • Share with all EBP staff in the firm by forwarding the EAlerts • Share important news and information with clients • Use webinar announcements to invite staff to participate
Live Forum Webinars • Webinar events • Very well-attended • CPE option • Audios and slides archived on Center website (not available for CPE)
Live Forum Webinars- Recent and Future • Recent webinars • 401(k) Basics Series • 401(k) Plan Tax and Compliance Issues for Auditors • Future webinars • January 18- Designated Partner Audit Planning • March 14- Form 11-K • April/May - Defined Contribution Audits Intro Level 3 Part Webinar Series • April 18- Managers and In-Charge Audit Planning • July 17- Insurance Products for EBPs
Live Forum Webinars- Best Practices • Easy way to provide staff with EBP-specific CPE • Invite all EBP staff to participate by forwarding registration EAlerts • Can use for group training in same office • Listen to missed webinars via audio archive on Center website (also for new members!) • Have new staff review list of archived webinars for topics of interest to them
EBPAQC “Topix” Primers • Basic Information about EBP Specific Topics • Intended to Provide Readers with a General Understanding of Various Issues
Primer Topics • The Center has issued 8 primers to date • Parties In Interest/Prohibited T/A • Bank Collective Investment Funds • 403(b) Plans • Limited Scope Audits • Alternative Investments • Stable Value Funds • Cash Balance Plans • Medicare Subsidies
Topix Primers- Best Practices • Incorporate into staff training programs • Distribute to staff members prior to EBP engagements
Plan Advisories • Designed to help plan sponsors understand their responsibilities
Plan Advisories • The Center has issued 4 plan advisories • Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions • The Importance of Internal Controls in Financial Reporting and Safeguarding Plan Assets • Valuing and Reporting Plan Investments • Understanding Auditor Communications
Plan Advisories-Best Practices • Print in booklet format with firm name/logo for distribution to clients and prospective clients • Discuss with clients in planning meetings • Email to clients with SAS No. 115 letters • Share with staff to help them understand the client’s responsibilities
SAS 70 Tool • Prepared to assist members in • Documenting reviews of SAS 70 reports • Summarizing procedures and findings related to controls at a service organization relevant to your plan audits • Revised in 2011 • Will be revised again to reflect new SOC 1 reports issued in accordance with SSAE No. 116
SAS 70 Tool • The SAS 70 Tool Addresses: • Type 2 report general information • Service auditor’s opinion • Period covered by the Type 2 report • Service auditor’s professional reputation • Use of subservice organizations/carve-outs • Identification of control objectives and exceptions noted • Complimentary user organization controls • Documentation of the evaluation of control objectives • Payroll • Conclusion
SAS 70 Tool-Best Practices • Utilized as part of a centralized review • Firms in associations prepare checklists to share with other firmsin association. • Firm with multiple offices may complete checklist for each service provider and save on a common drive. • Each audit team accesses the appropriate checklist and update for specifics of their client and the user controls. • Utilized by an individual engagement team • Completed for a specific engagement
Accounting and Auditing Resource Centers • 13 Resource Centers • Tools, primers and other resources
Accounting and Auditing Resource Centers • 403(b) Plans • Audit Documentation (SAS No. 103) • Auditor Independence • Defined Benefit Pension Plans • Form 11-K Audits • Fraud in Employee Benefit Plans • Health and Welfare Benefit Plans • Internal Control Communications (SAS No. 115) • Limited Scope Audits • Risk Assessment Standards (Nos. 104-111) • Pension Protection Act of 2006 • Plan Investments • Parties In Interest and Prohibited Transactions
Limited Scope Audit Resources • “Topix” Primer, Limited Scope Audits of Employee Benefit Plans • Limited Scope Decision Tree • Excerpts from past employee benefit plan audit risk alerts • EBPAQC Live Forum webinar archive—Limited Scope Audits, Basics and Beyond • Links to DOL regulatory information
Fraud In Employee Benefit Plans Resources • Fraud Risk Factors in Employee Benefit Plans • DOL Criminal Enforcement Cases • EBP Fraud Examples • 10 Warning Signs That Pension Contributions are Being Misused • EBPAQC Live Forum Webinar archive—Fraud Risks in Employee Benefit Plans
Plan Investment Resources • Assessing the Fair Values of Your Plan Investments: Considerations for Plan Management in Understanding How Fair Values Are Determined under FASB Statement No. 157, Fair Value Measurements • Illustrative Fair Value Disclosures • FASB ASC 820 Plan Sponsor FAQs • Archived EBPAQC Live Forum webinars – FAS 157 Q&A; FAS 157 Implications to Employee Benefit Plans • Plan Advisory, Valuing and Reporting Plan Investments • “Topix” Primer, Alternative Investments in Employee Benefit Plans • "Topix" Primer, Stable Value Funds and Investment Contracts—An Overview • AICPA Alternative Investments – Audit Considerations, A Practice Aid for Auditors
403(b) Plan Resources • “Topix” Primer, 403(b) Plans • 403(b) Filing and Audit Requirements • 403(b) Plan Audit Frequently Asked Questions • 403(b) Questions to Expect from Your Plan Auditor • 403(b) Sample Auditor Request List for Plan Information • EBPAQC 403(b) Plan Audit Live Forum archives (2 Webinars) • DOL contact information for 403(b) questions • Links to other resources
Member-to-Member Discussion Forum • 7 forums • Over 3,050 online participants • 1,950 topics posted • Valuable resource
Member-to-Member Discussion Forum • Audit Forum • 403(b) Plan Audits • ASC 820 (FAS 157) Fair Value Implementation • Form 5500 Reporting Forum • Tax and Compliance Forum • Multiemployer Plan Forum • Form 11-K Forum
Member-to-Member Discussion Forum- Best Practices • Bookmark the Forum • Visit periodically to keep abreast of hot topics • Encourage your staff to use Forum • Use the “search” feature to find a topic • Help others by responding to postings
The Center Website • Your online community and resource repository • Learn about recent EBP developments • Find center tools • Enter the Member-to-Member Discussion forum • Find archived webinars and information about upcoming center webinars • Connect with other firms • Find answers to your membership questions • Order AICPA EBP publications and CPE • www.aicpa.org/ebpaqc
News & Publications Find: • Archived EAlerts • Topix Primers • Plan Advisories
Resources
CPE & Events • Learn about upcoming Center Webinars • Listen to archived webinars
Community
Membership
EBPAQC Home Page
Other Tools, Resources and Benefits • Plan Sponsor Resource Center • Marketing Toolkit • Comment Letters • Practice Tools • Professional Insurance Discount
Plan Sponsor Resources • Audit Quality and Auditor Selection • Article: Quality Counts for Your Plan's Financial Statement Audit • RFP and Auditor Evaluation Process Checklist • Find a Center Member by firm (alpha or state name) • Plan Advisories • DOL/Regulatory Resources
EBPAQC Marketing Toolkit • Sample General Announcement to All Firm Staff • Sample Announcement to Employee Benefit Plan Audit Staff (granting access to website) • EPBAQC Press Release and Press Relations Guidelines • EBPAQC Logo Usage and Guidelines • Client Communication • Client Talking Points • Newsletter Sample • Sample Web site Text • Networking Strategies • Marketing Strategies
EBP Testimony and Comment Letters • AICPA Testimony on Fraud in Employee Benefits Plans • AICPA Testimony on Generally Accepted Privacy Principles (GAPP) • AICPA Request for Extension of 2009 Form 5500/5500-SF Filing Deadline • AICPA Testimony on Employee Benefit Plan Auditing and Financial Reporting Models • AICPA Testimony on Stable Value Investments • AICPA Testimony on Hard-to-Value Assets • AICPA Comment Letter on the Certification of Alternative Investments in Limited Scope Audits • AICPA Testimony on Health and Welfare Plan Audits
Practice Tools • ERISA Inventory and Staffing Schedule • Firm Preparedness Checklist • Internal Inspections Tool • Responding to Requests for Proposal
Tips and Suggestions • Where to Start • Most-Used Tools and Resources
Questions?
