Employee Benefit Plan Audit Quality Center Webinar Troubleshooting Tips To prepare for this webinar: Ensure that your computer speakers are turned on and turned up. Check to ensure that audio streaming is enabled on your computer. If the presentation slides stop advancing during the presentation, you should: Using the red “Exit” button located to the right of the main screen, please close out of the presentation and re-launch the webcast. If you are still having audio or other technical difficulty… Check with your IT personnel at your firm, or Inform LearnLive by sending a message via the webinar question box or to 1

EBPAQC Tools and Resources: Getting the Most from Your Membership November 30, 2011

Employee Benefit Plan Audit Quality Center CPE Credit For Today’s Webinar Must have registered for CPE credit prior to this live forum webinar event Participation markers will appear on your screen approximately every fifteen minutes during the event. Click the "OK" button on the pop up marker to evidence your participation in the event. You are required to participate in a minimum of 75% of these markers. Note: Center web events will no longer use CPE codes. Upon completion of the webinar, a CPE Certificate will be placed in your account on which you will have access to for up to six years. If you have any questions regarding CPE, please contact 3

Employee Benefit Plan Audit Quality Center Panelists 4 Robert Lavenberg, CPAHeidi LaMarca, CPA BDO USA LLP Windham Brannon PC William Seymour, CPA SB & Company, LLC

Employee Benefit Plan Audit Quality Center Objectives Learn how the Center tools and resources can support your audit practice Explore the Center website, your online community and resource center See what additional resources the Center provides 5

Employee Benefit Plan Audit Quality Center EBPAQC Resources and Tools EAlerts Live Forum Webinars Member-to-Member Discussion Forum Accounting and Auditing Resource Centers Topix Primers Plan Advisories Other resources, tools and benefits 6

Employee Benefit Plan Audit Quality Center Timely news on current regulatory and professional activities affecting benefit plans Sent to Center Designated Partner and Administrative Contact Archived on EBPAQC website EAlerts 7

Employee Benefit Plan Audit Quality Center EBPAQC Resources DOL Resources A&A Technical Hotline support EBPAQC testimony Member-to-member Forum Contest Revised Plan Advisory on Investments Available FASB Approved Expanded Employer Disclosures for Multiemployer Pension Plans EAlerts- Recent Topics 8

Employee Benefit Plan Audit Quality Center Save in folders (e.g.- EBPAQC EAlerts folder) Share with all EBP staff in the firm by forwarding the EAlerts Share important news and information with clients Use webinar announcements to invite staff to participate EAlerts- Best Practices 9

Employee Benefit Plan Audit Quality Center Webinar events Very well-attended CPE option Audios and slides archived on Center website (not available for CPE) Live Forum Webinars 10

Employee Benefit Plan Audit Quality Center Recent webinars 401(k) Basics Series 401(k) Plan Tax and Compliance Issues for Auditors Future webinars January 18- Designated Partner Audit Planning March 14- Form 11-K April/May - Defined Contribution Audits Intro Level 3 Part Webinar Series April 18- Managers and In-Charge Audit Planning July 17- Insurance Products for EBPs Live Forum Webinars- Recent and Future 11

Employee Benefit Plan Audit Quality Center Live Forum Webinars- Best Practices Easy way to provide staff with EBP-specific CPE Invite all EBP staff to participate by forwarding registration EAlerts Can use for group training in same office Listen to missed webinars via audio archive on Center website (also for new members!) Have new staff review list of archived webinars for topics of interest to them 12

Employee Benefit Plan Audit Quality Center Basic Information about EBP Specific Topics Intended to Provide Readers with a General Understanding of Various Issues EBPAQC “Topix” Primers 13

Employee Benefit Plan Audit Quality Center The Center has issued 8 primers to date Parties In Interest/Prohibited T/A Bank Collective Investment Funds 403(b) Plans Limited Scope Audits Alternative Investments Stable Value Funds Cash Balance Plans Medicare Subsidies Primer Topics 14

Employee Benefit Plan Audit Quality Center Topix Primers- Best Practices Incorporate into staff training programs Distribute to staff members prior to EBP engagements 15

Employee Benefit Plan Audit Quality Center Designed to help plan sponsors understand their responsibilities Plan Advisories 16

Employee Benefit Plan Audit Quality Center The Center has issued 4 plan advisories Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions The Importance of Internal Controls in Financial Reporting and Safeguarding Plan Assets Valuing and Reporting Plan Investments Understanding Auditor Communications Plan Advisories 17

Employee Benefit Plan Audit Quality Center Print in booklet format with firm name/logo for distribution to clients and prospective clients Discuss with clients in planning meetings to clients with SAS No. 115 letters Share with staff to help them understand the client’s responsibilities Plan Advisories-Best Practices 18

Employee Benefit Plan Audit Quality Center SAS 70 Tool 19 Prepared to assist members in Documenting reviews of SAS 70 reports Summarizing procedures and findings related to controls at a service organization relevant to your plan audits Revised in 2011 Will be revised again to reflect new SOC 1 reports issued in accordance with SSAE No. 116

Employee Benefit Plan Audit Quality Center The SAS 70 Tool Addresses: Type 2 report general information Service auditor’s opinion Period covered by the Type 2 report Service auditor’s professional reputation Use of subservice organizations/carve-outs Identification of control objectives and exceptions noted Complimentary user organization controls Documentation of the evaluation of control objectives Payroll Conclusion SAS 70 Tool 20

Employee Benefit Plan Audit Quality Center SAS 70 Tool-Best Practices 21 Utilized as part of a centralized review Firms in associations prepare checklists to share with other firms in association. Firm with multiple offices may complete checklist for each service provider and save on a common drive. Each audit team accesses the appropriate checklist and update for specifics of their client and the user controls. Utilized by an individual engagement team Completed for a specific engagement

Employee Benefit Plan Audit Quality Center 13 Resource Centers Tools, primers and other resources Accounting and Auditing Resource Centers 22

Employee Benefit Plan Audit Quality Center Accounting and Auditing Resource Centers (b) Plans Audit Documentation (SAS No. 103) Auditor Independence Defined Benefit Pension Plans Form 11-K Audits Fraud in Employee Benefit Plans Health and Welfare Benefit Plans Internal Control Communications (SAS No. 115) Limited Scope Audits Risk Assessment Standards (Nos ) Pension Protection Act of 2006 Plan Investments Parties In Interest and Prohibited Transactions

Employee Benefit Plan Audit Quality Center Limited Scope Audit Resources “Topix” Primer, Limited Scope Audits of Employee Benefit Plans Limited Scope Decision Tree Excerpts from past employee benefit plan audit risk alerts EBPAQC Live Forum webinar archive—Limited Scope Audits, Basics and Beyond Links to DOL regulatory information 24

Employee Benefit Plan Audit Quality Center Fraud In Employee Benefit Plans Resources Fraud Risk Factors in Employee Benefit Plans DOL Criminal Enforcement Cases EBP Fraud Examples 10 Warning Signs That Pension Contributions are Being Misused EBPAQC Live Forum Webinar archive—Fraud Risks in Employee Benefit Plans 25

Employee Benefit Plan Audit Quality Center Plan Investment Resources Assessing the Fair Values of Your Plan Investments: Considerations for Plan Management in Understanding How Fair Values Are Determined under FASB Statement No. 157, Fair Value Measurements Illustrative Fair Value Disclosures FASB ASC 820 Plan Sponsor FAQs Archived EBPAQC Live Forum webinars – FAS 157 Q&A; FAS 157 Implications to Employee Benefit Plans Plan Advisory, Valuing and Reporting Plan Investments “Topix” Primer, Alternative Investments in Employee Benefit Plans "Topix" Primer, Stable Value Funds and Investment Contracts— An Overview AICPA Alternative Investments – Audit Considerations, A Practice Aid for Auditors 26

Employee Benefit Plan Audit Quality Center 403(b) Plan Resources “Topix” Primer, 403(b) Plans 403(b) Filing and Audit Requirements 403(b) Plan Audit Frequently Asked Questions 403(b) Questions to Expect from Your Plan Auditor 403(b) Sample Auditor Request List for Plan Information EBPAQC 403(b) Plan Audit Live Forum archives (2 Webinars) DOL contact information for 403(b) questions Links to other resources 27

Employee Benefit Plan Audit Quality Center 7 forums Over 3,050 online participants 1,950 topics posted Valuable resource Member-to-Member Discussion Forum 28

Employee Benefit Plan Audit Quality Center Member-to-Member Discussion Forum Audit Forum 403(b) Plan Audits ASC 820 (FAS 157) Fair Value Implementation Form 5500 Reporting Forum Tax and Compliance Forum Multiemployer Plan Forum Form 11-K Forum 29

Employee Benefit Plan Audit Quality Center Member-to-Member Discussion Forum- Best Practices Bookmark the Forum Visit periodically to keep abreast of hot topics Encourage your staff to use Forum Use the “search” feature to find a topic Help others by responding to postings 30

Employee Benefit Plan Audit Quality Center The Center Website Your online community and resource repository Learn about recent EBP developments Find center tools Enter the Member-to-Member Discussion forum Find archived webinars and information about upcoming center webinars Connect with other firms Find answers to your membership questions Order AICPA EBP publications and CPE 31

Employee Benefit Plan Audit Quality Center News & Publications Find:  Archived EAlerts  Topix Primers  Plan Advisories 32

Employee Benefit Plan Audit Quality Center Resources 33

Employee Benefit Plan Audit Quality Center CPE & Events  Learn about upcoming Center Webinars  Listen to archived webinars 34

Employee Benefit Plan Audit Quality Center Community 35

Employee Benefit Plan Audit Quality Center Membership 36

Employee Benefit Plan Audit Quality Center EBPAQC Home Page 37

Employee Benefit Plan Audit Quality Center Other Tools, Resources and Benefits Plan Sponsor Resource Center Marketing Toolkit Comment Letters Practice Tools Professional Insurance Discount 38

Employee Benefit Plan Audit Quality Center 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) Plan Advisories DOL/Regulatory Resources 39

Employee Benefit Plan Audit Quality Center EBPAQC Marketing Toolkit Sample General Announcement to All Firm Staff Sample Announcement to Employee Benefit Plan Audit Staff (granting access to website) EPBAQC Press Release and Press Relations Guidelines EBPAQC Logo Usage and Guidelines Client Communication Client Talking Points Newsletter Sample Sample Web site Text Networking Strategies Marketing Strategies 40

Employee Benefit Plan Audit Quality Center EBP Testimony and Comment Letters 41 AICPA Testimony on Fraud in Employee Benefits Plans AICPA Testimony on Generally Accepted Privacy Principles (GAPP) AICPA Request for Extension of 2009 Form 5500/5500-SF Filing Deadline AICPA Testimony on Employee Benefit Plan Auditing and Financial Reporting Models AICPA Testimony on Stable Value Investments AICPA Testimony on Hard-to-Value Assets AICPA Comment Letter on the Certification of Alternative Investments in Limited Scope Audits AICPA Testimony on Health and Welfare Plan Audits

Employee Benefit Plan Audit Quality Center Practice Tools ERISA Inventory and Staffing Schedule Firm Preparedness Checklist Internal Inspections Tool Responding to Requests for Proposal 42

Employee Benefit Plan Audit Quality Center Tips and Suggestions Where to Start Most-Used Tools and Resources 43

Employee Benefit Plan Audit Quality Center 44 Questions?