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New Audit Requirements for Employee Benefit Plans: Are You Prepared?

The new employee benefit plan standard replaces the “limited-scope” auditor’s report, sets new performance requirements, and expands auditor and plan sponsor responsibilities. Our professionals shared information on best practices for EBP audits, compliance with new requirements, and ways to avoid costly administrative errors. If you missed the live event, you can find the recording below.

NEW AUDIT REQUIREMENTS FOR EMPLOYEE BENEFIT PLANS: ARE YOU PREPARED?

NEW AUDIT REQUIREMENTS FOR EMPLOYEE BENEFIT PLANS: ARE YOU PREPARED?

The AICPA has issued a new employee benefit plan audit standard that introduced some of the most significant changes impacting the scope and execution of such audits in decades.  In the interest of improving audit quality and transparency, the new standard replaces the “limited-scope” auditor’s report and prescribes new performance requirements. It also expands the responsibilities of both the auditor and the plan sponsor. These changes are effective for the audits of 2021 financial statements. If your organization sponsors an ERISA plan that is on the brink of needing an audit – 100-120 eligible participants – this information is essential for you!

Our professionals shared information on best practices for EBP audits, compliance with new requirements, and ways to avoid costly administrative errors. If you missed the live event, you can find the recording and materials below.

Watch Video      View Slides

Administrator Best Practices      ERISA Audit Conditions

Speakers:

Susan Orr, Partner | UHY LLP
As UHY’s Practice Leader of Employee Benefit Plans, Susan oversees the quality assurance for over 300 ERISA audits. She provides knowledgeable and practical consulting to sponsors of qualified plans, including defined benefit, defined contribution, 403(b), ESOPs, and health and welfare. Susan works closely with ERISA professionals in law firms, plan administrators, and financial advisors for the benefit of plan sponsors.

Nelly Gizdova, Principal | UHY LLP
Nelly provides attestation and consulting services to sponsors of qualified employee benefit plans, not-for-profit organizations, and companies in a variety of industries, including government contractors, information technology, construction, and engineering. She is the leader of UHY Mid-Atlantic’s Employee Benefit Plans Group. She regularly advises her clients on DOL and IRS regulations as they apply to employee benefit plans, as well as on the development of policies and procedures to meet their fiduciary responsibilities. She works closely with plan administrators in meeting DOL and IRS compliance requirements, preventing plan qualifications failures, and provides assistance to plan sponsors undergoing DOL or IRS benefit plan audits.

Stacy Farber, Principal | UHY LLP
Stacy brings over 22 years of experience in financial leadership to her engagements and is the leader of the Employee Benefit Plan practice for the Northeast Region. She advises clients on their company-wide policy development to overcome operational issues and drive proactive improvements. As a former CFO, Stacy brings a unique perspective on accounting operations and advising management on how to craft effective business plans and resolve cost-related issues. She also provides advisory consulting services to closely held businesses, performing compilations, reviews, and audits for clients in the various industries. Stacy is the Chairperson for the CT Society of CPAs Employee Benefit Plan Committee.

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