Often the planning of limited scope employee benefit plans can be difficult for staff auditors new to EBP audits. Although these audits are simple in nature, the cumbersome forms can over-complicate the process and be confusing to less experienced auditors.
This course helps new EBP auditors understand the general approach to planning, differences in the planning phase between EBP and GAAP audits, specific risks associated with EBP audits and how to gain efficiencies in the planning phase. Additionally, participants will learn how they can add value to the engagement even as a staff auditor.
Course Key Concepts: Audit, Limited, Scope, Employee, Benefit, Plan, EBP, Disclaimer, DOL, Planning.
Prerequisites
No advanced preparation or prerequisites are required for this course.
Learning Objective
- Recognize the general approach to planning a limited scope EBP audit and the differences from GAAS audits.
- Identify the specific risks associated with limited scope EBP audits and how to approach them effectively.
- Recognize areas in the planning phase to gain efficiencies.
Last updated/reviewed: March 20, 2024
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INTRODUCTION AND OVERVIEW
- Introduction to Understanding Audit Planning for Limited Scope EBP Audits 4:08
- The EBP Planning Dilemma and SOC Reports 6:40
- Risk Assessment - EBP vs. GAAS 5:28
- Risk Assessment - RMM and Internal Controls 4:14
- Risk Assessment Flow 4:22
- Planning Example 8:41
- Making an Impact as A Staff Auditor 9:31
- Conclusion and Next Steps 2:32
CONTINUOUS PLAY
SUPPORTING MATERIAL
- Slides: Understanding Audit Planning for Limited Scope EBP Audits PDF
- Understanding Audit Planning for Limited Scope EBP Audits Glossary/ Index PDF
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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