The increasing complexity of employee benefit plan auditing and increased focus 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 EBP audit engagements.
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.
Coverage of emerging practice issues, including liquidation basis of accounting, going concern, expense offset arrangements, and service organizations including evaluating a SOC 1 report, complimentary user entity controls and fraud risk factors.
An in depth look at using the work of internal audit as well as transfers vs. rollovers.
Analysis of high risk areas specific to defined benefit pension plans, such as pension benefit guaranty corporation premiums and filing, demographic and economic assumptions, and de-risking.
Current development on health and welfare plans, including health care reform and its effect on employee benefit plans
Up-to-date information on regulatory development from both the DOL and IRS
FASB ASU No. 2013-07, Liquidation Basis of Accounting
FASB ASU No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern
SAS No. 128, Using the Work of Internal Auditors
PCAOB Auditing Standard No. 17, Auditing Supplemental Information Accompanying Audited Financial Statements
PCAOB Auditing Standard No. 18, Related Parties
This alert also includes information on emerging issues such as:
Demographic and economic assumptions related to Defined Benefit Pension Plans
De-Risking of Defined Benefit Pension Plans
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