Most 401(k) plans must comply with the financial audit requirements of the Employee Retirement Income Security Act (ERISA) and any 401(k) plan can be subject to a compliance audit by the Department of Labor or Internal Revenue Service.

This presentation will provide attendees with information on the differences between financial and compliance audits, including the objectives and outcomes of each.

The live webinar will discuss the specific requirements of an ERISA financial audit, including the major audit steps and tests performed, and will prepare attendees to effectively interface with independent auditors during the financial audit process.

Additionally, the workshop will provide information on DOL and IRS compliance audit procedures, address common compliance audit triggers, and discuss effectively working with the DOL or IRS during a compliance audit.What You'll Learn:Overview

• Financial Audit Versus Compliance Audit
  
• Purposes
  
• Outcomes

ERISA Financial Audit Requirements

• When Required
  
• Limited Scope Audits
  
• Who Must Perform Audit
  
• Timing

ERISA Financial Audit Process

• Major Audit Steps
  
• Information to Provide
  
• Tests Performed
  
• Roles and Responsibilities
  
• Potential Issues

Compliance Audits

• DOL Versus IRS
  
• Preparing for a Compliance Audit
  
• Audit Procedures
  
• Working With the IRS or DOL
  
• Common Audit Triggers