The increasing complexity of employee benefit plan auditing and increased scrutiny by the DOL have resulted in significant pressure for CPAs and firms performing EBP audits.
To help CPAs meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this Alert to help you identify current sources of risk within the plan and its environment.
You’ll find targeted discussion of new developments, issues auditors may face in their current audits, and a look at what’s in the pipeline that may affect your engagements.
Current developments on health care reform and its effect on employee benefit plans
Coverage of emerging practice issues, including disclosures about offsetting assets and liabilities, fair value measurement, and liquidation basis of accounting.
In-depth look at testing journal entries to address risk of management override of controls, as well as expense arrangements.
Analysis of high-risk areas specific to defined benefit pension plans, such as PBGC premiums, de-risking, and demographic and economic assumptions.
Up-to-date information on regulatory developments from both the DOL and IRS
FASB ASU No. 2014-06, Technical Corrections and Amendments—Master Glossary
FASB ASU No. 2013-09, Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans
FASB ASU No. 2013-07, Liquidation Basis of Accounting
FASB ASU No. 2012-04, Technical Corrections and Improvements
FASAB ASU No. 2011-11, Disclosures About Offsetting Assets and Liabilities
FASB ASU No. 2011-04, Achieving Common Fair Value Measurements and Disclosure Requirements
This alert also includes information on emerging issues such as:
Testing Journal Entries to Address Risk of Management Override of Controls
PBGC Premiums for Defined Benefit Pension Plans
De-Risking of Defined Benefit Pension Plans
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