Employee Benefit Plans: Internal Controls and SOC 1 Reports

Author: Lewis R. Fisher

Employee Benefit Plan (EBP) audits require the consideration and documentation of internal controls. Given the unique nature of an employee benefit plan, properly assessing the internal control structure and determining key controls can present a challenge. This course will give you an introduction to the types of internal controls typically seen, best practices for utilizing SOC 1 reports, and guidance for properly documenting your audit files.

Publication Date: October 2023

Designed For
Those looking to deepen their understanding the internal control environment of EBP’s and to improve their overall audit documentation.

Topics Covered

• New audit standards
• SAS 136 refresher
• The audit approach
• The control environment
• Examples of controls
• Utilizing a service organization report (SOC 1)

Learning Objectives

• Identify EBP specific key controls and document auditor understanding
• Recognize and explain the control environment for entity and functional levels of the EBP
• Recognize how to document auditor consideration of the SOC 1 report
• Identify examples of control objective for enrollments
• Recognize how to differentiate AU-C sections and how they apply

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None