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This is the second of three courses in the series dedicated to helping new employee benefit plan auditors identify common audit areas and give specific examples of how to test each area.  Participants will view step by step walkthroughs of how testing is carried out in real practice and learn why certain testing procedures are necessary.  

In this course participants learn about employee and employer contributions and how to properly audit each area.  Also, we discuss the requirements for timely deposits and what to look for during your audit testing.  The detailed examples were designed to give participants knowledge and skills that can be implemented immediately and reduce the EBP learning curve.

Course Key Concept: Audit, Limited, Scope, Employee, Benefit, Plan, EBP Audit, Disclaimer, DOL, Trust Report, Payroll, Eligibility, Compensation, Census, Contributions, Employee, Employer, Vesting.

Learning Objectives

  • Identify the key considerations to testing employee contributions.
  • Discover the different types of employer contributions and how to properly audit them.
  • Recognize the requirements of remitting contributions timely and how to carry out proper procedures.
Last updated/reviewed: Aug 24, 2020

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course. However it is recommended to take Other EBP Audits courses by Corey Schmidt.
Introduction to Testing Employee Benefit Plan Audits - Part 1
Introduction to Testing Employee Benefit Plan Audits - Part 3

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:54 Introduction to Testing Employee Benefit Plan Audits - Part 2
  10:56Testing Employee Contributions
  8:37Correcting Contribution Errors
  3:14Testing Employer Contributions
  3:52Vesting and Forfeitures
  7:58Timely Remittance of Contributions
  2:33Key Points
  3:32Conclusion
CONTINUOUS PLAY
  41:35Introduction to Testing Employee Benefit Plan Audits - Part 2
SUPPORTING MATERIAL
  PDFSlides: Introduction to Testing Employee Benefit Plan Audits - Part 2
  PDFIntroduction to Testing Employee Benefit Plan Audits - Part 2 Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM