MACPA Employee Benefit Plan Conference. May 19, EBPAQC Update. Ian MacKay, CPA Director EBPAQC
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1 MACPA Employee Benefit Plan Conference May 19, 2014 EBPAQC Update Ian MacKay, CPA Director EBPAQC 1
2 ERISA Celebrates 40 Years! President Gerald Ford signed ERISA into law on Labor Day 1974 First Form 5500 in 1975 with annual audit requirement 2
3 At a Glance- Then and Now Mid 1970 s 40 Years Later Number of US workers 90 million 150 million Employees participating in employersponsored 44 million 129 million plans (1975) (2011) Number of defined benefit plans 103,000 45,000 Number of defined contribution plans 207, ,000 Total assets in private retirement plans $164 billion Life expectancy at birth male Life expectancy at birth female Savings rate 13% 4.3% Worker to social security retiree ratio $13 trillion 3
4 Growth of ERISA Plan Audits (>100 Participants) Congress added IRC section 401(k) in Defined Benefit Defined Contribution Source: DOL 2011 Form
5 EBPAQC Celebrates 10 Years! 5
6 EBPAQC Membership Growth
7 EBPAQC vs. non-ebpaqc firm audits 82,579 ERISA audits 15,045 audits EBPAQC members (2,310 firms) 67,533 audits (82%) Non EBPAQC firms (5,048 firms) Source: DOL 2011 Form
8 Use Your EBPAQC Resources Plan Advisories EAlerts Webinars Primers Website Tools Resource Centers Member tomember Forum 8
9 EAlerts 24 EAlerts issued in the past year Are you sharing EAlerts with your staff? Also archived on EBPAQC website 9
10 Upcoming EBPAQC Webinars All EBPAQC webinars are 1:00pm -3:00 pm Eastern May 9,22,30,June 6 401(k) Basics Live Forum- 4 Parts June 9 June 13 June 20 Designated Partner Planning Live Forum (Rebroadcast) ESOP Audits Live Forum Managers and Supervisors Planning Live Forum (Rebroadcast) July 16, 23 August 26 Defined Benefit Plan Audits Live Forum- 2 Parts Affordable Care Act Live Forum See EAlert #307 Save-the-Dates Look for future EBPAQC EAlerts for registration information. 10
11 Archived EBPAQC Webinars Available on the on the EBPAQC website Event Date Health and Welfare Plans, Part 2 Audit Planning and Risk Assessment July 17, 2013 Health and Welfare Plans, Part 1 Introduction and Industry Update July 10, 2013 Multiemployer Plan Audits 2013 June 12, 2013 Using the Center's SOC 1SM Documentation Tool June 5, 2013 ASU Fair Value Disclosures January 25, 2013 Understanding Insurance Products Offered to Employee Benefit Plans July 25, 2012 Employee Stock Ownership Plans (ESOPs) June 13, 2012 EBPAQC Tools and Resources: Getting the Most From Your Membership November 30, (k) Plan Tax and Compliance Issues for Auditors July 13, 2011 Employee Benefit Plan Audit Sampling June 8, 2011 Auditor Communications: Best Practices and Common Pitfalls November 10, 2010 Investment Products Offered by Insurance Companies July 21, 2010 Fraud Risks in Employee Benefit Plans February 17,
12 Member-to-Member Discussion Forum 8 forums 3,700 participants 2,500 topics posted Valuable resource 12
13 Accounting and Audit Resource Centers Auditor Communications Internal Controls EBP SOC1 Reports & Service Organization Plan Investments Upd Fraud in Employee Benefit Plans Parties in Interest and Prohibited Transactions Limited Scope Audits Auditor Independence Defined Benefit Pension Plans Health and Welfare Benefit Plans ESOPs New/ Updated! Form 11 K Audits 403(b) Plans Multi employer Plans 13
14 EBPAQC Topix Primers Limited Scope Audits Parties in Interest/ Prohibited Transactions Tax & Compliance Issues for 401(k) Plans Insurance Company Products Alternative Investments in Employee Benefit Plans Plan Investments in Bank Collective Investment Funds Stable Value Funds and Investment Contracts An Overview Multi employer plans ESOPs 403(b) Plans Cash Balance Plans Plan Sponsor Subsidies Under the Medicare Prescription Drug, Improvement and Modernization Act 14
15 Limited Scope Audit Primer Discusses: Statutory and regulatory exemption Proper certifications from qualified institutions Plan administrator s responsibilities Current environment Scope of testing Reporting 15
16 401(k) Tax and Compliance Primer Discusses: Tax advantages of plan qualification Plan qualification requirements Plan design IRS determination letters Non-discrimination tests Other operating tests Safe harbor plans Plan document failures Operational errors IRS correction programs UBIT considerations 16
17 Parties in Interest and Prohibited Transactions Primer Discusses: Party in interest under ERISA vs. related party under GAAP Prohibited party in interest transactions Administrative and statutory exemptions Reporting requirements for party in interest and non-exempt transactions ERISA or IRC penalties Voluntary Fiduciary Correction (VFC) Program 17
18 Common EBP Audit Deficiencies 18
19 Internal Control Communications Examples Tool Over 55 example comments Oversight of the Financial Reporting Process Investments Selecting, Monitoring, and Valuing Plan Investments Securities Lending Participant Loans Bank Reconciliations Participant Accounts Monitoring Contributions Employee Contributions Employer Contributions Eligibility Distributions Benefit Payments Vesting Matters Third Party Service Providers Monitoring and Review Payroll/Personnel Records and Census Data Maintaining Records Demographic Data Census Data Other Plan Fees Parties in Interest Send us additional examples! to Center mailbox at 19
20 EBP Fraud Tool DOL Criminal Enforcement Cases Summary of over 125 EBP fraud cases 20
21 SOC 1 Review Documentation Tool Use to help document review of SOC 1 reports issued in accordance with SSAE No. 116 Summarize procedures and findings related to controls at a service organization relevant to plan audits 21
22 Plan Advisories EBP Financial Statement Audits (New) Plan Investments (Revised) Internal Controls (Revised) Monitoring Outsourced Recordkeeping and Reporting (Revised) Understanding Auditor Communications 22
23 23 Plan Sponsor Resources Audit Quality and Auditor Selection Article: Quality Counts for Your Plan's Financial Statement Audit RFP and Auditor Evaluation Process Checklist Find a Center Member by firm (alpha or state name) DOL/Regulatory Resources Plan Advisories
24 Other Tools and Aids Firm Preparedness Checklist for Employee Benefit Plans Internal Inspection Tool Responding to Requests for Proposals Marketing Toolkit 24
25 25 Find an EBPAQC Member Firm Firms by Name Firms By State Search on EBPAQC website under Membership
26 26 EBPAQC Marketing Toolkit Sample General Announcement to All Firm Staff Sample Announcement to Employee Benefit Plan Audit Staff (granting access to website) EBPAQC Logo Usage and Guidelines EPBAQC Press Release and Press Relations Guidelines Client Communication Client Talking Points Newsletter Sample Sample Web site Text Marketing Strategies Networking Strategies
27 FASB Advocacy on EBP Accounting and Reporting EBPAQC and Expert Panel engaged in substantial advocacy efforts Goal: Raise FASB awareness about the uniqueness of employee benefit plan financial statements, including their purpose, users and preparers. Observations about difficulties encountered in practice 26 page discussion memorandum ( Bucket List ) that identifies areas in current accounting affecting EBPs that are - conflicting, redundant, irrelevant, or - incomplete due to the specialized characteristics of plans. - See Dec 12, 2013 EBPAQC Alert #309 for link to discussion memorandum Result: FASB has agreed to take on a research project on EBP financial reporting issues. 27
28 28 AICPA Peer Review
29 Peer Review Findings- ERISA Audits 29
30 30 AICPA Professional Ethics
31 AICPA Ethics Disposition of ERISA Audit Cases (Closed) Disposition DOL Required Corrective Action (RCA) Letter, no preissuance review 41% RCA letter with pre issuance review 45% Settle 2% No Further Action 2% Accept Work Product* 10% Other Respondent left EBP Practice (57% of the cases had violations considered severe) 32%* 31
32 ERISA Audit Quality Ingredients Qualifications Licensed and independent (ERISA requirements) Code of Professional Conduct (AICPA) Standards AICPA Firm Quality Control Standards GAAS/AICPA EBP Audit and Accounting Guide Monitoring Peer review (ERISA audits are must select ) Enforcement AICPA Professional Ethics investigations State Boards of Accountancy (license) Commitment EBPAQC 32
33 Focus on DOL Audit Quality Study Statistical sample of 400 ERISA audits in 2011 Nearly half the audits selected for review performed by firms with very few ERISA audits Study completed later this year What do we expect DOL to find? AICPA actions to enhance audit quality EBPAQC Executive Committee and Peer Review Board recommendations - Enhanced monitoring - Increased quality control standards - Best practices tools - Communications 33
34 Questions 34
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