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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

FAQ – Employee Benefit Plan Accounting and Auditing (FAQEBP)

8-Hour Program


Audit quality has been a favorite topic by the Department of Labor for many years. The DOL oversight and continued surveys highlight the fact that the average audit deficiencies have not declined even with such focus on reviewing the auditor’s workpapers. This program hits the mark by reviewing real issues and questions asked by participants of Loscalzo’s Employee Benefit Plan seminars in the past. Also, included are observations and best practices identified by the author when performing employee benefit plan quality control and consulting engagements. This course includes issues dealing with reporting and disclosures, as well as required audit procedures and best practices. Get quick and practical solutions to common questions that may confront your benefit plan practice.


Participants will be able to:

  • Understand the impact that the DOL regulatory and legislative programs are having on the audit of EBPs
  • Focus on real questions and issues encountered in accounting and financial reporting issues
  • Anticipate and plan for real practice problems encountered by other practitioners
  • Effectively evaluate the SOC report
  • Consider the resources needed with an EBP practice
  • Plan for the competencies required in auditing EBPs
  • Recommend solutions for correction of non-compliance using the programs available by EBSA
  • Identify reporting requirements for prohibited transactions
  • Report the Required Supplemental Information required by DOL


Accounting and disclosure issues including:

  • Fair value accounting measurement, disclosure, and reporting issues
  • Investments
  • Specialized EBP financial statement disclosures
  • Party-in-interest and prohibited transactions disclosures
  • Plan administrative expenses
  • DOL supplemental schedule presentation and reporting
  • Plan operational defects and plan terminations
  • Required communication with those charged with governance

Auditing and engagement documentation issues including:

  • Common audit and reporting deficiencies, including those identified in the recent DOL Audit Quality Study and peer reviews
  • EBP audit planning and risk assessment documentation considerations
  • Internal controls documentation and testing and reviewing and linking SOC 1 reports
  • Evaluation and use of third party valuation specialists
  • Participant data testing requirements and shortfalls
  • Full scope vs limited scope requirements and procedures
  • Auditing employer and employee contributions
  • Required audit procedures for plan expenses, forfeitures, and participant distributions
  • Plan terminations and mergers



LEVEL OF KNOWLEDGE: Basic to Intermediate


  • None

ADVANCE PREPARATION: Basic familiarity with auditing and accounting standards affecting EBP

FIELD OF STUDY: Accounting & Auditing


  • Accounting: 4 hours
  • Auditing: 4 hours

CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.