Employee Benefit Plans Industry Developments - Audit Risk Alert

The AICPA Audit Risk Alerts are developed to present issues that auditors may face in their current audits, focusing on emerging practice issues and current economic, accounting and auditing developments.

Find out about important issues affecting your client’s industry and how these developments affect auditing employee benefit plans. This Employee Benefit Plans Audit Risk Alert discusses fair value measurement, reconsideration on effective control for repurchase agreements as well as the effect of the ASB’s Clarity Project.  In addition, this alert includes topics specific to defined benefit pension plans, such as MAP 21, de-risking, and interest rates used to discount future benefit payment for actuarial valuation.

This alert also provides you with regulatory updates for the DOL as well as IRS and Treasury Department developments.

New accounting and auditing guidance and exposure drafts that are particularly significant to this alert include:

• SAS Nos. 122-127
• FASB ASU No. 2011-03, Transfers and Servicing (Topic 860): Reconsideration on Effective Control for Repurchase Agreements
• FASB ASU No. 2011-04, Achieving Common Fair Value Measurements and Disclosure Requirements
• FASB ASU No. 2013-03, Clarifying Scope and Applicability of Disclosure to Nonpublic Entities
• FASB ASU No. 2012-04, Technical Corrections and Improvements

This alert also includes information on emerging issues such as:

• ERISA Section 408(b)(2)
• ASB Clarity Standards
• Moving Ahead for Progress in the 21^st Century Act (MAP-21)
• De-Risking of Defined Benefit Pension Plans

To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment. This alert helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.

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