Background
What is not part of the three-legged stool of retirement ...
A. Social Security
B. Pensions
C. Personal Savings
D. John Flatowicz's Bank Account
D. John Flatowicz's Bank Account
For a new benefit plan that has not previously been audited, what will be different ...
A. Engagement Letter only
B. Auditors' Opinion only
C. Notes to Financial Statements only
D. All of the Above
D. All of the Above
What items are certified as complete and accurate in the financial statements ...
A. Investments only
B. Investments and investment activity only
C. Investments, participant loans, and investment activity only
D. All information included in the trust report
C. Investments, participant loans, and investment activity only
Minutes, or the lack of minutes, will always impact what on my engagements ...
A. SAS 115 Letter
B. Auditors' Opinion
C. Risk Assessment
D. Budget and Next Year's Fee Quote
B. Auditors' Opinion
Reasonable plan expenses include all except for the following ...
A. Auditors' Fees
B. Participant Directed Fees
C. Investment Fees
D. Larry Dodson's Lunch Expense
D. Larry Dodson's Lunch Expense
Who are benefit plan audits done on behalf of ...
A. Plan Sponsors
B. Department of Labor
C. Participants
D. AICPA
C. Participants
Is an individual planning meeting necessary for an employee benefit plan audit ...
A. No; group meeting sufficient
B. Yes; all team members must be present
C. Yes; partner must be present
D. Yes; manager must be present
C. Yes; partner must be present
Note 1 information is primarily obtained from ...
A. Plan Document
B. Summary Plan Description
C. AICPA Audit and Accounting Guide
D. AICPA Trends and Techniques
B. Summary Plan Description
What is a reasonable things to use when determining timeliness of remittances ...
A. Prior Year Remittance Schedule
B. 15th Business Day of Subsequent Month
C. Safe-Harbor Rule for Small Businesses
D. Remittance Schedule of a Similar Size Plan
C. Safe-Harbor Rule for Small Businesses
Which plan attributes effect testing at H-1 ...
A. Age and Service Requirements
B. Safe Harbor Plan
C. Automatic Enrollment
D. No Participant Loans Allowed
A. Age and Service Requirements
Which of the following ALWAYS requires an audit ...
A. All ESOPs
B. A plan with 75 participants filing Schedule H
C. A plan will 110 participants filing Schedule I
D. A plan who assets are held in a trust
B. A plan with 75 participants filing Schedule H
What is an error noted when reviewing A-3 documentation ...
A. It is not tailored to the client
B. It is not consistent throughout the binder
C. It is signed off by a non-team member
D. All of the above
D. All of the above
Note 2 information is primarily obtained from ...
A. Plan Document
B. Summary Plan Description
C. AICPA Audit and Accounting Guide
D. AICPA Trends and Techniques
C. AICPA Audit and Accounting Guide
Which of the following cannot certify investments for a limited-scope audit ...
A. Trust Company
B. Insurance Company
C. Bank
D. Payroll Provider
D. Payroll Provider
What is the least documented testing in our employee benefit plan audits ...
A. Census Tie-out
B. Investment Allocation
C. Income Allocation
D. Participant Account Statement Tie-out
B. Investment Allocation
What is the most authoritative source ...
A. AICPA Audit and Accounting Guide
B. Thomas Reuters | Checkpoint
C. AICPA Accounting Trends and Techniques
D. Meresa Morgan
A. AICPA Audit and Accounting Guide
What is the primary purpose of the fraud interviews ...
A. To complete audit checklist
B. To assess risk and tailor work programs
C. To determine if fraud occurred in Plan
D. To meet with management to cross sell firm services
B. To assess risk and tailor work programs
Financial disclosure support should almost always include support for the following ...
A. Forfeitures
B. Subsequent Events
C. Tax Status of the Plan
D. Related-party Transactions
A. Forfeitures
Which of the following is the least documented item for notes receivables from participants ...
A. Term Less Than Five Years
B. Reasonable Interest Rate
C. Maximum Amount of Loan
D. Repayment of Loan Testwork
B. Reasonable Interest Rate
Excess contributions are adjustments to ...
A. Contributions in current year and subsequent year
B. Distributions in current year and subsequent year
C. Contributions in current year/distributions in subsequent year
D. Distributions in current year/contributions in subsequent year
C. Contributions in current year/distributions in subsequent year
What is the best source for audit templates, especially in unique situations ...
A. Checkpoint Tools
B. Employee Benefit Plan Audit Quality Center
C. EBP Master Binder
D. Prior Year Binder
A. Checkpoint Tools
What are we increasing documentation for in current audits ...
A. Walkthroughs
B. Sub-service Organizations
C. User Entity Controls
D. All of the above
D. All of the above
A. Value is Published
B. Value is Determined
C. Value is the Basis for Current Transactions
D. Measured at Net Asset Value
D. Measured at Net Asset Value
Which distributions should not be part of our sample selection ...
A. Loan Distributions
B. QDRO
C. Excess Contributions
D. Forced Payouts (Balances < $1,000)
A. Loan Distributions
What is the most common deficiency in our Perm File ...
A. No signed documents
B. Not the most current documents
C. No third-party agreements
D. No fidelity bond
A. No signed documents