MNCPA Audits of Employee Benefit Plans Conference
Date/Time
5/20/2024
8:00 AM - 4:30 PM Central
8:00 AM - 4:30 PM Central
Event Registration
Event Type(s)
NDCPAS Events
Event Description
At the MNCPA Audits of Employee Benefit Plans Conference, get the practical, up-to-date information you need to deliver efficient and effective EBP audits. Gain new perspectives to navigate challenges and maintain compliance in the specialized area of employee benefit plan audits.
Designed for: CPAs, auditors and other financial professionals who are responsible for auditing employee benefit plans
Prerequisites: None
Advanced Prep: None
Level: Update
Sessions:
8–9:20 a.m.
A1. Department of Labor Update
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Within the Department of Labor, the Office of the Chief Accountant (OCA) monitors compliance with reporting requirements for all ERISA-covered employee benefit pension and health and welfare plans. Hear directly from Lynne McMennamin, assistant chief in the OCA’s Division of Reporting Compliance, about the OCA, why it matters to you and how it affects Form 5500 filings.
Explore findings from the most recent Audit Quality Study, issued in December 2023. Learn about common reporting deficiencies (and how to avoid them), types of OCA enforcement actions and how to help clients comply with ERISA regulations. Gain clarity on the types of notices your clients might receive, how you can help navigate them and what you can do to ensure your audits are satisfactory.
FOS: Auditing - Technical (1.5)
9:30–10:45 a.m.
B1. Impact of Recent Auditing Standards on Employee Benefit Plans
Darlene Bayardo, CPA, Bayardo Accounting and Consulting, PC, Newport Beach, CA
New auditing standards may require changes in your firm’s audit methodology, especially in performing EBP audit risk assessments. Look at recent auditing standards (SAS No. 142-145) that may impact the 2024 ERISA employee benefit plan audit season, including audits of ERISA plan financial statements for periods ending Dec. 31, 2023. Make sure you’re up to date so your audits are conducted in accordance with professional standards and carried out efficiently and effectively. Find out when additional documentation is required and get tips to reduce the risk of deficient audits. Come away with valuable insights and a broader perspective on how others are implementing the new standards.
FOS: Auditing - Technical (1.5)
10:55–11:45 a.m.
C1. Audit Implications of Plan Changes
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Anytime an employee benefit plan endures a change – from switching providers or terminating a plan to EBP freezes, mergers or other big events – there are downstream audit implications and risks. Examine these scenarios and the impact they have on your audits. Find out what to look for and how to adjust your audit approach to address the additional risks that accompany plan changes.
FOS: Auditing - Technical (1)
12:45–1:35 p.m.
D1. Recent Findings in Peer Review
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Peer review findings shed light on important issues and opportunities for your audit practice. Look at real-life examples of issues identified in recent peer reviews that have implications for all EBP audits. Learn what peer reviewers are looking for and how to avoid problems. Plus, review professional standards in a variety of areas, including ERISA audits, through the lens of peer review findings.
FOS: Auditing - Technical (1)
1:45–2:35 p.m.
E1. Compensation and Compliance Testing
Debra Linder, JD, Fredrikson & Byron, P.A., Minneapolis, MN
Kristin Tveit, CPA, CliftonLarsonAllen LLP, Saint Cloud, MN
The definition of compensation is a very common compliance issue with 401(k) plans. Compensation comes in many forms and can be very complex. Not adhering to the compensation definition, or failing compliance testing, can lead to costly tax qualification issues for plan sponsors. Learn about common issues with following the plan's definition of compensation, what compensation is included and excluded, and how compensation is intertwined with compliance testing. Examine the various compliance tests that apply to defined contribution plans. Find out how to design audit procedures to detect issues with compensation and compliance testing, as well as how to navigate issues that arise.
FOS: Auditing - Technical (1)
2:50–4:30 p.m.
F1. Panel Discussion: Ask the Experts
Moderator: Marjorie Heap, CPA, Eide Bailly LLP, Plymouth, MN
Panelists:
Darlene Bayardo, CPA, Bayardo Accounting and Consulting, PC, Newport Beach, CA
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
This interactive session highlights the unique perspectives of a variety of seasoned leaders in the employee benefit plan auditing space. Hear from Lynne McMennamin, Darlene Bayardo and Randy Dummer about pressing hot topics affecting your work.
FOS: Auditing - Technical (2)
Speakers:
Bayardo, Darlene
Bayardo Accounting and Consulting, PC, Newport Beach, CA
Darlene Bayardo, CPA, the founder of Bayardo Accounting and Consulting, PC, has more than 25 years of experience with national public accounting firms and private accounting. She has extensive knowledge of the audits of employee benefit plans. Bayardo focuses on ERISA audit quality and risk management. Bayardo's expertise facilitates technical consultations, the development of audit and accounting guidance, resources and training programs for employee benefit plan auditors, industry development communications, and quality reviews for EBP practices.
Dummer, Randy
Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Randy Dummer joined HHM in 2011 as a quality control partner in the Accounting and Assurance Department. He leads the firm in many initiatives including the peer review practice and employee benefit plan audit niche, in addition to providing technical reviews for clients in multiple industries such as auto dealerships, nonprofits, construction and manufacturing. Dummer is a nationally recognized employee benefit plan audit specialist and leads discussions for the American Institute of CPAs (AICPA) in this area. As the review captain for approximately 50 peer reviews each year, he helps other CPA firms raise the bar of quality for accounting, auditing, and attestation services. In addition, Dummer is an approved Employee Retirement Income Security Act (ERISA) audit specialist for the AICPA enhanced oversight project.
Heap, Marjorie
Eide Bailly LLP, Plymouth, MN
Marjorie H. Heap, CPA, a senior manager with Eide Bailly, LLP, has experience in all phases of employee benefit plan engagements including planning, execution and quality control. In addition, she has a wide variety of public accounting experience covering all levels of financial statement service across several industries, developing and teaching training programs, and involvement in various levels of firm quality control.
Linder, Debra
Fredrikson & Byron, P.A., Minneapolis, MN
Debra J. Linder, JD/MA, CPA, is a shareholder in the compensation planning and employee benefits group at Fredrikson & Byron, P.A. She advises large and small public, closely held and tax-exempt employers on plan design, administration and compliance issues. She speaks frequently to professional and business groups about recent developments in benefits and executive compensation. In the past, she served as adjunct faculty at the University of St. Thomas, teaching courses in the administration of retirement and welfare benefit plans.
McMennamin, Lynne
U.S. Department of Labor, Washington, DC
Lynne McMennamin, CPA, is an Assistant Chief in the Division of Reporting Compliance (DRC) in EBSA’s Office of the Chief Accountant (OCA). She has been with OCA for 10 years in roles in both the DRC and in Division of Accounting Services. Prior to this, McMennamin worked in public accounting, specializing in Employee Benefit Plans, for over 20 years, including 10 years as a partner in an international accounting firm. She previously served on the AICPA Employee Benefit Plan Expert Panel and the AICPA Employee Benefit Plan Audit Quality Center Executive Committee.
Tveit, Kristin
CliftonLarsonAllen LLP, Saint Cloud, MN
Kris Tveit, CPA, is a principal with CliftonLarsonAllen in the Benefit Services Group. She specializes in providing assurance, tax, and consulting services to plan sponsors of various employee benefit plans including 401(k), profit sharing, money purchase pension, employee stock ownership, defined benefit, and health and welfare plans. Tveit has over 30 years of experience in public accounting. She is a national practice leader of the CLA employee benefit plan audit practice. Tveit is responsible for developing and implementing the employee benefit plan audit approach and also leads various firm-wide initiatives for operational excellence, audit innovation and financial reporting for employee benefit assurance services at CliftonLarsonAllen
Designed for: CPAs, auditors and other financial professionals who are responsible for auditing employee benefit plans
Prerequisites: None
Advanced Prep: None
Level: Update
Sessions:
8–9:20 a.m.
A1. Department of Labor Update
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Within the Department of Labor, the Office of the Chief Accountant (OCA) monitors compliance with reporting requirements for all ERISA-covered employee benefit pension and health and welfare plans. Hear directly from Lynne McMennamin, assistant chief in the OCA’s Division of Reporting Compliance, about the OCA, why it matters to you and how it affects Form 5500 filings.
Explore findings from the most recent Audit Quality Study, issued in December 2023. Learn about common reporting deficiencies (and how to avoid them), types of OCA enforcement actions and how to help clients comply with ERISA regulations. Gain clarity on the types of notices your clients might receive, how you can help navigate them and what you can do to ensure your audits are satisfactory.
FOS: Auditing - Technical (1.5)
9:30–10:45 a.m.
B1. Impact of Recent Auditing Standards on Employee Benefit Plans
Darlene Bayardo, CPA, Bayardo Accounting and Consulting, PC, Newport Beach, CA
New auditing standards may require changes in your firm’s audit methodology, especially in performing EBP audit risk assessments. Look at recent auditing standards (SAS No. 142-145) that may impact the 2024 ERISA employee benefit plan audit season, including audits of ERISA plan financial statements for periods ending Dec. 31, 2023. Make sure you’re up to date so your audits are conducted in accordance with professional standards and carried out efficiently and effectively. Find out when additional documentation is required and get tips to reduce the risk of deficient audits. Come away with valuable insights and a broader perspective on how others are implementing the new standards.
FOS: Auditing - Technical (1.5)
10:55–11:45 a.m.
C1. Audit Implications of Plan Changes
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Anytime an employee benefit plan endures a change – from switching providers or terminating a plan to EBP freezes, mergers or other big events – there are downstream audit implications and risks. Examine these scenarios and the impact they have on your audits. Find out what to look for and how to adjust your audit approach to address the additional risks that accompany plan changes.
FOS: Auditing - Technical (1)
12:45–1:35 p.m.
D1. Recent Findings in Peer Review
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Peer review findings shed light on important issues and opportunities for your audit practice. Look at real-life examples of issues identified in recent peer reviews that have implications for all EBP audits. Learn what peer reviewers are looking for and how to avoid problems. Plus, review professional standards in a variety of areas, including ERISA audits, through the lens of peer review findings.
FOS: Auditing - Technical (1)
1:45–2:35 p.m.
E1. Compensation and Compliance Testing
Debra Linder, JD, Fredrikson & Byron, P.A., Minneapolis, MN
Kristin Tveit, CPA, CliftonLarsonAllen LLP, Saint Cloud, MN
The definition of compensation is a very common compliance issue with 401(k) plans. Compensation comes in many forms and can be very complex. Not adhering to the compensation definition, or failing compliance testing, can lead to costly tax qualification issues for plan sponsors. Learn about common issues with following the plan's definition of compensation, what compensation is included and excluded, and how compensation is intertwined with compliance testing. Examine the various compliance tests that apply to defined contribution plans. Find out how to design audit procedures to detect issues with compensation and compliance testing, as well as how to navigate issues that arise.
FOS: Auditing - Technical (1)
2:50–4:30 p.m.
F1. Panel Discussion: Ask the Experts
Moderator: Marjorie Heap, CPA, Eide Bailly LLP, Plymouth, MN
Panelists:
Darlene Bayardo, CPA, Bayardo Accounting and Consulting, PC, Newport Beach, CA
Lynne McMennamin, CPA, U.S. Department of Labor, Washington, DC
Randy Dummer, CPA, Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
This interactive session highlights the unique perspectives of a variety of seasoned leaders in the employee benefit plan auditing space. Hear from Lynne McMennamin, Darlene Bayardo and Randy Dummer about pressing hot topics affecting your work.
FOS: Auditing - Technical (2)
Speakers:
Bayardo, Darlene
Bayardo Accounting and Consulting, PC, Newport Beach, CA
Darlene Bayardo, CPA, the founder of Bayardo Accounting and Consulting, PC, has more than 25 years of experience with national public accounting firms and private accounting. She has extensive knowledge of the audits of employee benefit plans. Bayardo focuses on ERISA audit quality and risk management. Bayardo's expertise facilitates technical consultations, the development of audit and accounting guidance, resources and training programs for employee benefit plan auditors, industry development communications, and quality reviews for EBP practices.
Dummer, Randy
Henderson, Hutcherson & McCullough PLLC, Chattanooga, TN
Randy Dummer joined HHM in 2011 as a quality control partner in the Accounting and Assurance Department. He leads the firm in many initiatives including the peer review practice and employee benefit plan audit niche, in addition to providing technical reviews for clients in multiple industries such as auto dealerships, nonprofits, construction and manufacturing. Dummer is a nationally recognized employee benefit plan audit specialist and leads discussions for the American Institute of CPAs (AICPA) in this area. As the review captain for approximately 50 peer reviews each year, he helps other CPA firms raise the bar of quality for accounting, auditing, and attestation services. In addition, Dummer is an approved Employee Retirement Income Security Act (ERISA) audit specialist for the AICPA enhanced oversight project.
Heap, Marjorie
Eide Bailly LLP, Plymouth, MN
Marjorie H. Heap, CPA, a senior manager with Eide Bailly, LLP, has experience in all phases of employee benefit plan engagements including planning, execution and quality control. In addition, she has a wide variety of public accounting experience covering all levels of financial statement service across several industries, developing and teaching training programs, and involvement in various levels of firm quality control.
Linder, Debra
Fredrikson & Byron, P.A., Minneapolis, MN
Debra J. Linder, JD/MA, CPA, is a shareholder in the compensation planning and employee benefits group at Fredrikson & Byron, P.A. She advises large and small public, closely held and tax-exempt employers on plan design, administration and compliance issues. She speaks frequently to professional and business groups about recent developments in benefits and executive compensation. In the past, she served as adjunct faculty at the University of St. Thomas, teaching courses in the administration of retirement and welfare benefit plans.
McMennamin, Lynne
U.S. Department of Labor, Washington, DC
Lynne McMennamin, CPA, is an Assistant Chief in the Division of Reporting Compliance (DRC) in EBSA’s Office of the Chief Accountant (OCA). She has been with OCA for 10 years in roles in both the DRC and in Division of Accounting Services. Prior to this, McMennamin worked in public accounting, specializing in Employee Benefit Plans, for over 20 years, including 10 years as a partner in an international accounting firm. She previously served on the AICPA Employee Benefit Plan Expert Panel and the AICPA Employee Benefit Plan Audit Quality Center Executive Committee.
Tveit, Kristin
CliftonLarsonAllen LLP, Saint Cloud, MN
Kris Tveit, CPA, is a principal with CliftonLarsonAllen in the Benefit Services Group. She specializes in providing assurance, tax, and consulting services to plan sponsors of various employee benefit plans including 401(k), profit sharing, money purchase pension, employee stock ownership, defined benefit, and health and welfare plans. Tveit has over 30 years of experience in public accounting. She is a national practice leader of the CLA employee benefit plan audit practice. Tveit is responsible for developing and implementing the employee benefit plan audit approach and also leads various firm-wide initiatives for operational excellence, audit innovation and financial reporting for employee benefit assurance services at CliftonLarsonAllen
Location
Online
Outlook/vCalendar/Google
Click on the icon next to the date(s) to add to your calendar:
| 5/20/2024 |    |
Email Reminder
