Audit Engagement Tools and Aids
Plan Sponsor Tool – Analyzing timeliness of remittances
This tool is intended to assist clients in documenting their analysis of the timeliness of remittances of participant (employee) contributions and loan repayments, if applicable, in defined contribution retirement plans. It also may be used to document a recap of employer contributions and includes an option to reconcile employer contributions to the trust statement to verify completeness of contributions.
Peer review findings in employee benefit plan audits
This tool includes the most frequent EBP-related matters found in 2019 peer reviews, and references to EBPAQC tools to help members avoid potential EBP audit problems
ERISA employee benefit plan financial statement audit special considerations
This tool provides a non-authoritative overview to help auditors identify and understand recent legislative, regulatory, and professional developments that impact the 2021 ERISA employee benefit plan audit season (including plan years ending on December 31, 2020).
Defined benefit pension plan audit information request tracker (Excel)
This tool is intended to be used by plan auditors to track requests for audit information for a defined benefit pension plan audit from the plan sponsor, administrator, recordkeeper and others that may have plan information necessary to perform the audit.
Health and welfare plan audit information request tracker (Excel)
This tool is intended to be used by plan auditors to track requests for audit information for a health and welfare benefit plan audit from the plan sponsor, administrator, recordkeeper and others that may have plan information necessary to perform the audit.
DC plan audit information request tracker (Excel)
This tool is intended to be used by plan auditors to track requests for audit information for a defined contribution retirement plan audit from the plan sponsor, administrator, recordkeeper and others that may have plan information necessary to perform the audit.
Identification of Parties In Interest and Related Parties
This non-authoritative tool is intended to be completed by plan management, and includes information to assist them in identifying parties in interest and related parties.
Documentation of Procedures Performed to Identify Related Parties and Related Party Transactions, and Parties in Interest and Party in Interest Transactions
This non-authoritative tool may be used by plan auditors in documenting procedures performed to identify related parties and parties in interest, and transactions with those parties.
Documentation of the Consideration of Potential Prohibited Transactions in an EBP Financial Statement Audit
This non-authoritative tool is designed to assist auditors in documenting their consideration of possible prohibited transactions in an employee benefit plan audit.
EBP Audit Internal Meeting Planning Tool
The EBPAQC has developed this tool to help EBP auditors plan and summarize internal planning meetings with EBP audit staff. It is intended to be used as a data collection tool to assist in the planning process.
EBP Audit Client Meeting Planning Tool
The EBPAQC has developed this tool to help EBP auditors plan and summarize meetings with EBP audit clients. It is intended to be used as a data collection tool to assist in the planning process.
Plan Governing Documents, Agreements, and Correspondence Index
The EBPAQC has developed this tool to help EBP auditors organize, retain, and update client audit documentation relevant to the plan and its operations as a record of matters of continuing significance to future audits of the same plan.
Documentation of the Auditor’s Evaluation of a Limited Scope Audit Certification
The tool is intended to assist members in documenting their evaluation of whether a certification provided by a qualified institution meets the requirements of Title 29 U.S. Code of Federal Regulations (CFR) Part 2520.103-8.
Common Deficiencies in Employee Benefit Plan Limited Scope Audit Certifications
This tool to is intended to help plan administrators understand their responsibilities for determining the acceptability of a limited scope certification; help auditors understand their responsibilities for determining whether a certification can be relied upon to limit the scope of the audit; and to help both plan administrators and auditors identify common deficiencies in limited scope certifications.
Summary of Key Plan Document Provisions Relevant to a Defined Contribution Retirement Plan Audit
The EBPAQC has prepared this tool to assist members in auditing the financial statements of defined 401(k) or 401(a) pensions plans in understanding the plan entity by summarizing the key provisions of the plan document that may be relevant to the plan audit.
Summary of Frequent “Unacceptable, Major” Deficiencies in DOL Audit Quality Study
The EBPAQC has prepared a tool for members summarizing the frequent deficiencies noted by the DOL in its review of 400 ERISA plan audits and which DOL deemed the finding to be an “unacceptable, major” deficiency with respect to one or more relevant GAAS requirement.
Documentation of the Evaluation of an Appraisal Used as Audit Evidence in an Employee Stock Ownership Plan Financial Statement Audit
This tool is designed to assist auditors in documenting their evaluation of whether an appraisal of employer stock prepared for plan management may be used as audit evidence in a financial statement audit of an employee stock ownership plan (ESOP) sponsored by a privately held company, including their assessment of whether it is necessary to use an auditor’s specialist.
Documentation of Use of An Actuarial Report in an Audit of a Defined Benefit Pension Plan’s Financial Statements
The tool is intended to assist members in documenting their procedures and findings related to their review of actuarial reports prepared for plan management that are used as audit evidence in their defined benefit pension plan audits.
Documentation of Use of a Type 2 Service Auditor’s Report in an Audit of an Employee Benefit Plan’s Financial Statements
The tool is intended to assist members in documenting procedures and findings related to controls at a service organization that are likely to be relevant to the employee benefit plan’s internal control over financial reporting. It focuses on the user auditor’s use of a type 2 report.
Planning Tool: Summary of Common EBP Audit Deficiencies, Audit Guidance and Resources
This tool helps EBP auditors identify and address common deficiencies found in employee benefit plan audits. It describes the deficiencies, and provides references to suggested audit procedures and related auditing tools and resources. The tool is intended to complement the EBPAQC Tool C ommon EBP Audit Deficiencies.
Common EBP Audit Deficiencies
This document is intended to help EBP audit practitioners be alert to these areas and be aware of the related key audit issues.
EBPAQC Resources and Tools
Use this guide as a useful tool for the upcoming audit season.
Examples of Control Communications for Employee Benefit Plans
This non-authoritative document was prepared to assist Center members in preparing internal control communications to their employee benefit plan clients. It contains example comments that may be useful in preparing required communications of internal control related matters identified in your audits, management letters, and other internal control communications.