The Governing Board of
Demystifying the Annual 401(k) Plan Audit & The End of the Limited Scope Audit
Thursday, April 22, 2021
10:00 am to 11:45 pm PST
If you were ever wondering what the auditors look at when they are conducting an audit of your/your client’s 401K plan, this session is for you. Our panel of speakers, led by Crystal Coleman from CliftonLarsonAllen LLP, will cover the audit requirements for qualified retirement plans, an overview of the audit process and a timeline to complete an audit, and provide a deep dive into the procedures auditors perform (and why they have all those documentation requests!). Also covered will be upcoming changes coming to the auditor’s report and the end of the limited scope audit opinion. Our panel of speakers are seasoned ERISA audit professionals who spend the majority of their time each year performing audits over all types of ERISA plans. We will also cover items to consider when helping your clients in selecting an auditor for their annual retirement plan audit.
- Understand the independent audit requirement and rules to defer/delay the audit.
- Understand overall audit process, timeline to complete audit and timing for initial plan audits.
- Understand what auditors look at during the audit process and the real difference between a limited scope and full scope audit.
- Understand important changes to the audit opinion coming in 2022 (the end of the limited scope audit).
Crystal Coleman, CPA, CEBS
Crystal is a principal in CliftonLarsonAllen’s (CLA) employee benefit plan audit practice and specializes in auditing defined contribution and defined benefit plans and health and welfare plans, including multiple employer welfare arrangements (MEWAs). Before her career in public accounting, Crystal worked as the controller of a privately held sales and distribution company and as an operations manager with two large financial institutions. Crystal leads CLA’s employee benefit audit practice for Northern California, Nevada and Utah and serves on the Executive Committee and Marketing Committee for this practice area of the firm. In addition to her responsibilities at CLA, Crystal teaches graduate level accounting courses at the University of California at Davis.
Crystal believes in treating clients like valued customers. For her, this means taking an active interest in her client’s business and developing a relationship that doesn’t just endure, but also adds value. To this end, Crystal goes out of her way to answer clients’ questions, give frank opinions, and proactively look for ways to benefit them. She never treats an audit as simply a compliance task, but as an opportunity to identify ways to do things better.
Crystal has B.A. from California Polytechnic State University, and from San Luis Obispo MBA and Master of Accountancy degrees from CSU Sacramento. She has a Certified Employee Benefit Specialist (CEBS) designation from the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania . Crystal is currently a Western Pension and Benefits Council, Sacramento Chapter board member.
Lee Colclasure, CPA
Lee is an engagement director who specializes in auditing regulated industries, with his main focus being audits of employee benefit plans and audits of HUD properties. In this position, he is responsible for being a firm resource for these industries and leads these industries for the Central Washington CLA office.
Lee has a Bachelor’s of business administration, Gonzaga University and is a Certified Public Accountant, Washington.
Lisa Cushman, CPA
Lisa is a signing director in the Spokane office working primarily in the employee benefit plans (EBP) group and managing the EBP practice there. In her 17 years with the firm, Lisa has performed audits of defined contribution, defined benefit, health and welfare, and employee stock ownership plans for organizations across a variety of industries, including 11-k filing plans and multi- and multiple employer plans. Lisa functions as the engagement principal on more than 70 plans and is involved audits of many other plans.
Lisa has a Bachelor of arts in accounting from Eastern Washington University, Cheney, Washington and is a Certified Public Accountant in the state of Washington.
- 2 CE for AIF
- 2 CE for CEBS
- 2 CE for CFP
- 2 CECs for ERPA
- 2 CECs for JBEA
- 2 CPEs for ASPPA certifications
- 2 CECs for NIPA certifications
- 2 hours for California CPAs
- 1.75 hours of California MCLE
- 2 CECs for CRPS
Early bird Cost: $65 for members, $90 for non-members.
A Special Thank You to Our Sponsors