SAS 70 Reports and Employee Benefit Plans

Objectives:
This program is intended to help you better understand:

• When a SAS 70 report should be obtained
• What type of SAS 70 report is appropriate
• How SAS 70 reports should be considered in a limited-scope engagement
• The implications of subservice arrangements
• How a SAS 70 report can affect your engagement

Note: The CPE Webcast On-Demand will be viewable immediately after completing the purchase process. Access instructions will be shown on the Order Confirmation Screen and also included in the Order Confirmation Email.

Speakers:
Marilee Lau, CPA
Lara Stanton, CPA
John Hubbe, CPA

Moderator:
John F. Hudson, CPA

Marilee Pierotti Lau
National Partner in Charge -- Employee Benefit Assurance Practice

Marilee Lau is the National Partner in Charge of the Employee Benefit Assurance Practice for KPMG LLP. She is located in the San Francisco office and is the Employee Benefit Plan Practice Leader for the firm's Western Area. She is also the audit resource partner for employee benefit plans for this Area. As a designated resource partner she is responsible for coordinating training for benefit plan audits as well a providing technical support to other engagement teams related to employee benefit accounting and auditing questions.

From 1995-1998 Marilee was the American Institute of Certified Public Accountants' (AICPA) representative to the ERISA Advisory Council for the Department of Labor in Washington D.C. This Advisory Council provides guidance to the Secretary of Labor on specific issues related to employee benefit plans. She was the Chairperson for the 1998 Council. Currently she is a Chair of the AICPA Employee Benefits Plans Experts Panel, which is responsible for recommending accounting and auditing changes to the AICPA and Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB). The Panel also updates the Accounting and Auditing Guide for Audits of Employee Benefit Plans as well as the annual Audit Risk Alert. This Panel works closely with the Department of Labor in order to provide appropriate guidance to plan sponsors and their accountants. In 2003 the AICPA formed the Employee Benefit Plan Audit Quality Center. Marilee is currently the vice chair of the executive committee that sets policy for the Center.

Professional Activities
Western Benefits and Pension Conference
American Institute of Certified Public Accountants and California Society of CPA's
Speaker for numerous professional conferences and programs

Education
B.A. Economics, University of Santa Clara --1969
M.B.A., Accounting, University of Santa Clara --1970

Lara G. Stanton, CPA
Director
McGladrey & Pullen, LLP

Lara is currently a Director with McGladrey & Pullen, LLP and has over 12 years of audit experience with a concentration in the employee benefits industry. Previously, Lara was with BDO Seidman, LLP where she managed the BDO Atlanta and San Francisco offices' employee benefit plan audit and Form 5500 preparation practices. She also performed quality inspections of employee benefit plan audit files and Form 5500s, and provided consultation for several BDO offices around the United States. Lara was a co-author of the BDO Seidman, LLP Employee Benefit Plan Audit Manual, and participated in national training sessions on various related topics. She was a speaker at the AICPA Employee Benefit Plan Conference from 2001-2005, and she served on the AICPA Planning Committee for the 2002 - 2005 AICPA Employee Benefit Plan Conferences, including as Co-chair for the 2004 and 2005 AICPA Employee Benefit Plan Conferences. She was also a co-author on the audit manual published by Aspen Publishers entitled "The Miller Guide to Auditing Defined Contribution Plans".

Lara has performed ERISA reviews on various employee benefit plans to ensure compliance with certain IRS and DOL regulations, and has provided assistance with IRS and DOL audits. Lara also performed several SAS 70 audits of record-keepers and health care third-party administrators as part of the national practice at BDO Seidman, LLP.

Lara has a BA degree in accounting from Aurora University, and in public relations from the University of Georgia. She is a member of the AICPA.

John H. Hubbe
Partner
KPMG, LLP

John is a Partner in the New York City Office of KPMG LLP. John is a member of the firm's Employee Benefits Assurance Practice leadership team and serves as engagement partner to employee benefit plan and financial services clients.

Relevant Experience: John has extensive experience performing employee benefit plan audits and performing other ERISA related assurance services. John began his career in KPMG's financial services practice were he was responsible for financial statement audits of banks and broker/dealers, including performing SAS 70 examinations (reports on internal control) for major custodians and 401(k) plan record keepers. In addition John was responsible for performing the audits of common and collective trusts and hedge funds. Since joining KPMG's EBA Practice, John has helped develop audit tools, trained staff and assisted clients by performing internal control reviews, account reconstructions and compliance examination procedures for a number of Fortune 500 companies.

John's clients include a broad spectrum of employee benefit plan sponsors including single employer, multi-employer, Taft-Hartley and church plans. He has wide experience dealing with 401(k), pension plans including those with cash balance and 401(h) features, health & welfare as well as ESOP plan audits.

Professional Activities: John is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants and is licensed to practice in New York, Connecticut, Pennsylvania and Minnesota. John has spoken at the AICPA Employee Benefits Conference and he has lectured and taught on financial products within KPMG in the U.S., U.K., and Luxembourg. He has also spoken at the British Merchant Bankers Association on similar topics.

Education: John received a Bachelor of Arts in Economics from the University of Massachusetts at Amherst.

John F. Hudson, CPA

John F. Hudson, CPA is the President of Hudson Consulting Group, LLC. Prior to founding Hudson Consulting Group, LLC in 2002, John was one of the original founders of CPA2Biz, Inc., the exclusive marketing agent of the American Institute of CPAs. John has more than 25 years experience in the practice of public accounting, business strategy, product development and entrepreneurship.

Hudson Consulting Group, LLC, provides business & product strategy consulting services to CPA firms and organizations serving the CPA profession. Previously, John served in a number of senior capacities at CPA2Biz, Inc. including leading corporate strategy, managing a multi-million dollar business unit, and leading the organization's corporate marketing and communications efforts. Prior to CPA2Biz, John served as the Chief Knowledge Officer and in various senior business and technical roles at the AICPA. He also spent 15 years at KPMG, one of the nation's leading accounting and consulting firms.

An authority on the evolution of the accounting profession and the challenges faced by CPAs, John regularly speaks on issues of concern to CPAs. He has been quoted in leading business publications, including The Wall Street Journal, The Wall Street Journal - Europe Edition, The Cleveland Plain Dealer, Bloomberg Business News and virtually every trade publication addressing the CPA profession.

John is a member of the American Institute of CPAs and a former member of the U.S. delegation to the International Accounting Standards Board and the Journal of Accountancy Editorial Advisory Board. He is also a member of the Advisory Board of the Graduate School of Business at Florida State University

John is a Certified Public Accountant [CPA] and holds a Master of Business Administration [MBA] degree from Florida State University and a Bachelor of Arts degree from the University of West Florida.