Agenda

May 21, 2024

8:55 – 9:00 a.m. – Welcome and Opening Remarks
Zach Donah, Massachusetts Society of CPAs

9:00 – 9:30 a.m. – A&A Update
Jake Parente, PwC LLP
Megan Brooks, PwC LLP
In this session, we’ll cover various accounting and auditing updates and reminders, including SAS 145, focusing on comprehending the entity and its environment, and assessing risks of material misstatement, effective for financial statement audits ending on or after December 15, 2023. Additionally, we’ll touch on actuarial mortality improvement updates, plan terminations and key reminders for investment accounting.

9:40 – 10:30 a.m. – SAS 145 Update
Jason Eddy, Grant Thornton LLP
Corey Kohnle, Grant Thornton LLP
In this session, we’ll dive into SAS 145, understanding the entity and its environment, and assessing risks of material misstatement and its associated impact on audits of employee benefit plans. We’ll also discuss relevant tools and resources which can be used to help implement this new auditing standard.

10:40 – 11:50 a.m. – Job SECUREity for Plan Auditors – An Analysis of SECURE 2.0 Act
David Beck, CPA, QPA, ERPA, PASI, LLC
SECURE 2.0 introduces a range of intriguing (yet complex) mandatory and optional provisions. In this session, we’ll explore the mandatory provisions most pertinent to larger plans, along with optional provisions that have sparked significant interest among plan sponsors, like matching student loan payments.

12:00 – 1:00 p.m. – Leveraging Technology to Enhance Employee Benefit Plan Audits
Brian Tankersley, K2 Enterprises
As technological advancements continue to reshape the landscape of financial audits, it is crucial for auditors to stay updated with the most effective tools and practices. In this session, we’ll deep dive into cutting-edge technologies enhancing employee benefit plan audits. We’ll explore data analytics, automated testing and secure communication platforms, aiming to boost efficiency and effectiveness. We’ll also cover practical applications to enhance audit quality, reduce errors and ensure regulatory compliance.

1:00 p.m.– Closing Remarks
Zach Donah, Massachusetts Society of CPAs

May 22, 2024

8:55 – 9:00 a.m. – Opening Remarks

9:00 – 9:50 a.m. – Department of Labor (DOL) Update
Michael Auerbach, CPA, Employee Benefits Security Administration (EBSA)
In this session, we’ll delve into the latest enforcement initiatives at the EBSA’s Office of the Chief Accountant. We’ll explore common mistakes made by plan administrators and auditors, as well as the findings from the DOL’s recent Audit Quality Study.

10:00 – 10:50 a.m. – Legal and Regulatory Update
David Guadagnoli, LLM, MBA, BA, JD, Sullivan & Worcester LLP
Amy Sheridan, Sullivan & Worcester LLP
While things have been quiet on the legislative front, treasury, labor and the IRS continue to scramble to issue guidance reflecting both SECURE and SECURE 2.0 Act changes. In this session, we’ll review provisions relevant to 2023-year audits and filings and update you on the latest guidance and trends, including the shifting IRS position on missed restatements and new developments on the forfeiture front.

11:00 – 11:50 a.m. – Plan Corrections
David Guadagnoli, LLM, MBA, BA, JD, Sullivan & Worcester LLP
While the Employee Plans Compliance Resolution System (EPCRS) remains unchanged since 2021, there’s been significant activity. Congress endorsed plan correction and self-correction through amendments to the Internal Revenue Code and ERISA in the SECURE 2.0 Act. In this session, you’ll hear from a seasoned practitioner experienced in EPCRS, DFVC and VFCP, guiding sponsors through the complexities. We’ll spotlight practical approaches sponsors are adopting for plan correction in this evolving landscape.

12:00 – 12:50 p.m. – Peer Review Update
Beth Thoresen, AICPA
Justin Long, AICPA
Beth and Justin will share an update on current happenings in peer review, including the enhancing audit quality initiative, changes to program administration, as well as the latest with EBP.

12:50 p.m. – Closing Remarks
Zach Donah, Massachusetts Society of CPAs