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Employee Benefit Plans Conference

8:00 am–4:45 pm ET

# of CPE Credits

8

Description

Due to recommendations from the CDC surrounding COVID-19, this program will only be held virtually. Please see the sessions below that will be included in the agenda.
 
This conference seeks to address issues of audit quality by providing tangible examples that attendees can bring back to their organizations to help constituents improve the quality of employee benefit plan audits.
 

Objective

Attendees will be able to identify new issues and standards and recall best practices related to ERISA audits.

Highlights

* The SECURE Act * Department of Labor Update * A&A Update * Cyber Crimes

Who Should Attend

Professionals involved in audits, plan sponsor representatives, administration, or financial areas of employee benefit plans

Required Knowledge

Basic knowledge of employee benefit plan auditing

Advanced Prep

none

Event Speaker(s)

Marcus Aron, CPA ( US Department of Labor, Washington, DC ), Ms. Karen Elizabeth Colsch, CPA ( CliftonLarsonAllen LLP, Charlotte, NC ), Ms. Melissa Gragg Critcher, CPA ( Melissa G. Critcher, CPA, PC, Waxhaw, NC ), Ms. Monique Eve Elliott, CPA ( Elliott Group CPAs, PLLC, Charlotte, NC ), Ilene Ferenczy, JD ( Ferenczy Benefits Law Center LLP, Atlanta, GA ), Mr. Abner Benton Hunter, III, CPA/CITP, CFE, CISA, CRISC, CISM ( Bernard Robinson & Company, LLP, Greensboro, NC ), Mrs. Jennifer Foppe Louis, CPA ( Emergent Solutions Group, LLC, Charlotte, NC ), Kelsey H. Mayo ( Poyner Spruill, LLP, Charlotte, NC ), Lynne McMennamin, CPA ( US Department of Labor, Washington, DC ), Keith Mong, JD, LLM ( Grant Thornton, LLP, Washington, DC ), Ms. Denise J. Olexa, CPA ( Grant Thornton, LLP, Huntersville, NC ), Ms. Tricia Ann VanVliet, CPA ( The Wellness CPA PLLC, Rockford, MI ), Jason Yepko, CRPS ( John Hancock Retirement Services, Charlotte, NC ),

Additional Event Information

Technical Support
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.

*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.


Sessions

Tuesday, May 11, 2021 (8:05 am–8:55 am ET)

General #1: DOL Update
Marcus Aron, CPA ( US Department of Labor, Washington, DC ),

Do you wonder what’s going on at EBSA’s Office of the Chief Accountant? Come to this session and find out. This session will include a discussion of the work done with regards to plan audits and Form 5500 filings, as well as changes to the 2020 Form 5500 to align with SAS 136. Learn common reporting deficiencies and tips on how to help your clients be compliant with ERISA. Also learn why some audits of employee benefit plans are deemed deficient and what you can do to help make sure your audits are satisfactory.

Field of Study: Accounting (Governmental)

Tuesday, May 11, 2021 (9:10 am–10:00 am ET)

General #2: 2021 Audit, Accounting, & Regulatory Update
Ms. Karen Elizabeth Colsch, CPA ( CliftonLarsonAllen LLP, Charlotte, NC ), Ms. Monique Eve Elliott, CPA ( Elliott Group CPAs, PLLC, Charlotte, NC ),

In this session we will provide an update on key standards and regulatory matters. We will go over SAS 136 in detail including understanding the standard and providing reporting examples. We will also discuss the SECURE Act and the CARES Act.

Field of Study: Auditing

Tuesday, May 11, 2021 (10:15 am–11:30 am ET)

1A: Operational Issues
Kelsey H. Mayo ( Poyner Spruill, LLP, Charlotte, NC ),

Very few employee benefit plans are operated without any errors. Auditors may discover errors during testing procedures or may encounter corrections the plan sponsor completed during a testing year before the audit occurred. This session will review the options for correcting plan errors that are available to plan sponsors, both before and after an audit, and common errors that an auditor may find when reviewing completed corrections. Particular attention will be paid to common errors discovered during audit testing procedures and practical solutions for plan sponsors. Attendees are welcome to bring particular concerns or questions for a more interactive session.

Field of Study: Auditing

Tuesday, May 11, 2021 (10:15 am–11:30 am ET)

1B: Auditing in a Paperless Environment
Ms. Melissa Gragg Critcher, CPA ( Melissa G. Critcher, CPA, PC, Waxhaw, NC ),

In this session, we will discuss key considerations, risks, and challenges surrounding auditing in a hybrid or fully electronic environment. This includes understanding the Plan’s electronic environment, audit risk considerations, and reliance on electronic reporting and audit evidence. We will discuss examples of risks, challenges, and options in typical plan audit areas, as well as, some of the challenges of performing audits remotely and establishing reliance on electronic reports and evidence.

Field of Study: Auditing

Tuesday, May 11, 2021 (11:40 am–12:30 pm ET)

2A: Financial Services Meets Plan Auditor: Let's Get Real About Plan Investments
Ms. Tricia Ann VanVliet, CPA ( The Wellness CPA PLLC, Rockford, MI ), Jason Yepko, CRPS ( John Hancock Retirement Services, Charlotte, NC ),

With nearly 50 years of combined experience in financial services and ERISA plan audits, we will engage in a meaningful real-world conversation about investments and auditor challenges. Join us for an in-depth perspective on the various types of investment options available within qualified retirement plans. We will provide a history & overview of the common, the less-common, and evolving industry trends, as it relates to investment offerings within plans. Our discussion will provide some practical insights into how investment options are utilized within the industry to derive service provider revenue, as well as plan sponsor fiduciary considerations.

Field of Study: Auditing

Tuesday, May 11, 2021 (11:40 am–12:30 pm ET)

2B: The Many Facets of Compensation in a Qualified Retirement Plan
Keith Mong, JD, LLM ( Grant Thornton, LLP, Washington, DC ),

Very few employee benefit plans are operated without any errors. Auditors may discover errors during testing procedures or may encounter corrections the plan sponsor completed during a testing year before the audit occurred. This session will review the options for correcting plan errors that are available to plan sponsors, both before and after an audit, and common errors that an auditor may find when reviewing completed corrections. Particular attention will be paid to common errors discovered during audit testing procedures and practical solutions for plan sponsors. Attendees are welcome to bring particular concerns or questions for a more interactive session.

Field of Study: Auditing

Tuesday, May 11, 2021 (1:15 pm–2:30 pm ET)

3A: Audit Deficiencies
Lynne McMennamin, CPA ( US Department of Labor, Washington, DC ),

Six years the Department of Labor’s Audit Quality Study was issued, citing audit deficiency rates of nearly 40%. Curious to know how things look for the most recent year we’ve reviewed? Come to this session to find out! We’ll reveal that and discuss the most common audit deficiencies in auditing employee benefit plans and what you can do to help ensure your audits don’t have these deficiencies.

Field of Study: Auditing

Tuesday, May 11, 2021 (1:15 pm–2:30 pm ET)

3B: Ensuring a CARES-ful Audit: How Did Plans Handle Changes Related to COVID
Ilene Ferenczy, JD ( Ferenczy Benefits Law Center LLP, Atlanta, GA ),

Whether a plan did or did not take advantage of the sections of the CARES Act that could have provided relief to some of its participants, the COVID pandemic and the relief bill both affected plan administration significantly. A plan audit must look at the issues involved and make sure that there are no compliance issues. Did the plan provide CARES distributions to its employees? Did it suspend (or not suspend) required minimum distributions in 2020? Did the company fail to deposit deferrals due to financial pressures? Did it pay terminated participants … and did those participants really end up terminating? Was there a partial plan termination?

Join Ilene Ferenczy for a discussion of the things you should be examining in your audits of 2020 plan years and what to do if your spider-sense starts to tingle.

Field of Study: Auditing

Tuesday, May 11, 2021 (2:45 pm–3:35 pm ET)

4A: SOC 1
Ms. Denise J. Olexa, CPA ( Grant Thornton, LLP, Huntersville, NC ),

The session will include a discussion about SOC 1 reports and how they are commonly used in EBP audits. We will discuss using SOC1 reports in the risk assessment process and in determining the nature, timing and extent of substantive testing. We will read recent SOC 1 report examples and discuss the related impact on audit risks and procedures. We will cover carve outs, CUECs, and more to assist auditors in furthering their understanding of SOC 1 reports, documenting their evaluation of the reports, and linking their evaluation to the audit risks and procedures.

Field of Study: Auditing

Tuesday, May 11, 2021 (2:45 pm–3:35 pm ET)

4B: Adding Value to the Plan Sponsor through the Audit
Mrs. Jennifer Foppe Louis, CPA ( Emergent Solutions Group, LLC, Charlotte, NC ),

An audit is an investment in reliable financial reporting and compliance, but a plan sponsor can get an increased return on dollars spent by hiring auditors who maintain a business advisory perspective. This session will provide important tips to increase an auditor’s ability to add value to the plan sponsor while performing the employee benefit plan audit.

Field of Study: Specialized Knowledge

Tuesday, May 11, 2021 (3:50 pm–4:45 pm ET)

General #3: A Cybersecurity Checklist for Employee Benefit Plans
Mr. Abner Benton Hunter, III, CPA/CITP, CFE, CISA, CRISC, CISM ( Bernard Robinson & Company, LLP, Greensboro, NC ),

In this session, Ben will present information to help you understand the following topics:

* How checklists can help improve your cybersecurity maturity level
* The difference between security controls and security objectives
* Why every company should perform a Cybersecurity Risk Assessment

The instructor will discuss fiduciary responsibility for mitigating cybersecurity risks and establish minimum expectations for protecting PII and plan assets. Also discussed will be the need for a cybersecurity plan and data security plan. You’ll leave with a better understanding of necessary policies and procedures and why a security inventory is so important. Ben will share some quick cyber tips and how phishing simulation reports can help. If there is time, he will cover why you need to verify backups, restore capabilities and how a vulnerability scan can help you.

Field of Study: Information Technology


Share This Event

Event Vendor:NCACPA
Field of Study:Accounting (Governmental), Auditing, Information Technology, Specialized Knowledge, Various
Level: Overview

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:WCNEBP21

Registration Fees

RegistrationEarly BirdRegular
NCACPA MemberN/A$270.00
Non-MemberN/A$370.00
Other CPA State Society MemberN/A$270.00
CPE Sponsors LogoThe North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.

For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.