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403(b) Plans
Form 5500
Fraud
Form 11-K
A&A
100
Beginning with 2009 plan year Form 5500 filings, ERISA-covered 403(b) plans with 100 or more eligible participants at the beginning of the plan year that file the Form 5500 as a large plan are generally required to have this on an annual basis.
What is an annual audit of their financial statements?
100
All Form 5500s beginning with the 2009 plan year must be filed electronically using this DOL new system.
What is EFAST2?
100
The auditor’s response to the risks of material misstatement due to fraud involves this attitude when gathering and evaluating audit evidence.
What is professional skepticism?
100
CPA firms must register with this entity before performing audits of plans with a Form 11-K requirement.
What is the PCAOB?
100
To comply with this new requirement, entities that file a Form 11-K evaluate subsequent events through the date the financials are issued, while all other entities evaluate subsequent events through the date the financial statements are available to be issued.
What is ASC 820 (SFAS 165)?
200
Although the large plan audit requirement was not in effect until the 2009 plan year, ERISA requires this presentation in the statements of net assets available for benefits.
What are comparative statements?
200
This DOL free “no frills” web-based application can be used to prepare and transmit returns to the DOL instead of purchasing 3rd party software.
What is IFILE?
200
This audit team meeting is customized to each specific engagement and ideas from all are encouraged. Examples of what could go wrong and procedures to address the risk are discussed.
What is a fraud brainstorming meeting?
200
Registration of employer stock to be issued for an employee benefit plan.
What is a Form S-8?
200
This new requirement on internal control matters has updated definitions to align with PCAOB definitions.
What is SAS 115?
300
This document had to be signed on or before December 31, 2009 and must contain language regarding: eligibility, contribution and applicable limitation provisions, time and form of distributions, responsible party for administration and compliance, contracts available under the plan, and optional plan provision.
What is a plan document?
300
All plan sponsors and administrators must register for this to sign filings and are not to be shared.
What are credentials (user ID and PIN)?
300
For each audit engagement, SAS 99 requires this to be done and is best conducted by an experienced auditor, not a new staff accountant.
What are fraud interviews (or inquiries)?
300
Calendar year Form 11-K plans subject to ERISA and using the ERISA format file by this date (unless a leap year).
What is June 29th?
300
This is a major restructuring of accounting and reporting standards and provides the authoritative accounting and reporting standards in a topically organized structure.
What is the FASB Accounting Standards Codification?
400
Employer contributions and employee deferrals must satisfy certain annual testing requirements.
What is nondiscrimination testing?
400
Unlike in the past, this attachment to the 2009 Form 5500 will be now available for public view.
What is the Auditor’s Opinion (audited financial statements)?
400
These conditions are usually present when fraud exists: incentive/pressures to perpetrate fraud, opportunity to carry out fraud, and attitudes/rationalization to justify the fraudulent action.
What are risk factors?
400
This is required from the auditor for the use of their report and should be dated close to the filing date (generally within 3 to 5 days in advance of filing date however typical practice is the same date as the auditor’s report).
What is the consent of independent auditors?
400
This new requirement provides additional guidance on how entities should estimate fair value of certain alternative investments. Fair value can be determined using the Net Asset Value (NAV) as a practical expedient unless it is probable that the investment will be sold at a price that is different than NAV.
What is ASU 2009-12?
500
These procedures are perhaps the most challenging aspect of the audit as these plans have never been subject to audit requirements and therefore have not been keeping records to provide for a good audit trail to support the opening balance.
What are initial audit procedures?
500
This signature is mandatory to file the Form 5500, unlike the plan sponsor signature which is optional.
What is the plan administrator signature?
500
One type of fraud involves fraudulent financial reporting, while this other type involves stealing or theft.
What is misappropriation of assets?
500
These 3 types of communications must be completed prior to the filing of the Form 11-K.
What are SAS 61 (PCAOB communication requirements), SAS 114, and SAS 115?
500
This new PCAOB standard, effective for fiscal years beginning on or after December 15, 2009, provides a framework for the engagement quality reviewer to objectively evaluate the significant judgments made and related conclusions reached by the engagement team in forming the overall conclusion about the engagement.
What is PCAOB Auditing Standard No. 7?