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This is the third 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 the common requirements and considerations for participant loans and distributions and how to test each area. We also recap the key takeaways from the first two testing courses. 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, Disclaimer, DOL, Trust Report, Payroll, Eligibility, Compensation, Census, Loans, Distributions, Participants.

 

Learning Objectives

  • Identify the key considerations to testing participant loans.
  • Discover how to properly test distributions.
  • Recognize how the CARES Act will impact audits in the future.
Last updated/reviewed: August 30, 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 2

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
  0:53Introduction to Testing Employee Benefit Plan Audits - Part 3
  4:59Testing Participant Loans
  6:41Loan Testing Example
  6:00Testing Distributions
  10:55Testing Distribution Example
  4:58Loan and Distribution Testing Errors
  10:56Testing Summary
  2:20Conclusion and Next Steps
CONTINUOUS PLAY
  47:40Introduction to Testing Employee Benefit Plan Audits - Part 3
SUPPORTING MATERIAL
  PDFSlides: Introduction to Testing Employee Benefit Plan Audits - Part 3
  PDF Introduction to Testing Employee Benefit Plan Audits - Part 3 Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM