| EBP risk assessment advisory and resources; 2019 EBP audit guide and risk alert available; Virtual attendance at AICPA EBP conference |
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| April 29, 2019 — EBPAQC Alert No. 425 |
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| Dear Center Members: |
This alert includes information about:
- New EBPAQC and AICPA risk assessment resources
- Availability of the 2019 EBP audit and accounting guide and audit risk alert
- Online participation in the May 6-8 AICPA EBP conference
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EBPAQC audit advisory on EBP risk assessment
The EBPAQC has prepared an audit advisory, Performing risk assessments in employee benefit plan audits, to inform members of recent AICPA Peer Review Board (PRB) findings and guidance related to risk assessment and what members can expect to hear from their peer reviewer about risk assessment, and to assist members in properly applying the risk assessment standards in employee benefit plan (EBP) audits.
More than a decade after the standards were issued, many auditors continue to struggle with properly implementing risk assessment procedures. The PRB has found that auditors of all types of entities, including EBPs, have misconceptions about applying the risk assessment standards resulting in non-compliance. Accordingly, audit firms can expect increased scrutiny by peer reviewers of their approach to performing and documenting compliance with the risk assessment standards.
Click here for the EBPAQC audit advisory, Performing risk assessments in employee benefit plan audits.
EBPAQC and AICPA risk assessment resource centers
The EBPAQC has created an EBP Risk Assessment Resource Center, under the A&A Resource Centers link on the EBPAQC website that has information, tools and resources for performing risk assessment in an EBP financial statement audit. The resource center includes the EBPAQC audit advisory, Performing risk assessments in employee benefit plans and includes examples of risks of material misstatement ("what can go wrong") at the financial statement level and relevant assertion level for classes of transactions, individual account balances, and disclosures for the following plan types:
In addition, the AICPA has created a Risk Assessment Resource Center on AICPA.org to help members perform more effective risk assessments, appropriately link risk assessments to audit procedures and comply with the risk assessment standards. The Risk Assessment Resource Center includes, among other resources and tools, the following helpful resources:
Click here to visit the AICPA Risk Assessment Resource Center.
2019 edition of the AICPA Employee Benefit Plans: Audit and Accounting Guide available
The 2019 edition of the AICPA Employee Benefit Plans: Audit and Accounting Guide is available at the AICPA Store. Those who purchase or receive the 2019 guide will also receive the following as soon as they become available:
- EBP Audit Risk Assessment Practice Aid – populated with relevant assertions and example control, risk of material misstatement ("what can go wrong"), and audit procedure content from the 2019 edition of the guide (expected release in May)
- Multiemployer plan accounting and auditing guidance – will be sent in an electronic format prior to being included as a new chapter in a future addition of the guide (electronic format expected to be available in Summer 2019)
Attendees at the May 6-8, 2019 AICPA Employee Benefit Plans Conference in New Orleans will receive a free eBook version and a 15% on-site discount to purchase the paperback version of the 2019 Guide. The 2019 edition has been updated to reflect adoption of FASB ASU 2017-06, Employee Benefit Plan Master Trust Reporting, effective for fiscal years beginning after December 15, 2018. For plans that are not early adopting FASB ASU 2017-06, the AICPA is continuing to offer the 2018 edition in all formats as a resource for requirements prior to the effective date of the ASU.
Click here to order the 2019 or 2018 edition of the AICPA Employee Benefit Plans: Audit and Accounting Guide from the AICPA Store.
2019 edition of the AICPA Employee Benefit Plans Industry Developments: Audit Risk Alert available
The 2019 edition of Employee Benefit Plans Industry Developments: Audit Risk Alert is available at the AICPA Store. The 2019 edition highlights current accounting issues and developments including ASU No. 2017-06, ASU No. 2018-09 and FASB ASU No. 2018-13; the new EBP reporting audit standard; risk assessment and controls reliance; use of outside service provider system-generated information and reports; fee arrangements in DC plans; missing participants and uncashed checks; data analytics and emerging technologies; benefit payments and missing participant data; administrative expense assumption used in calculation of accumulated plan benefits; and other topics.
Attendees at the May 6-8, 2019 AICPA Employee Benefit Plans Conference in New Orleans will receive a free eBook version and a 15% on-site discount to purchase the paperback version of the 2019 Risk Alert.
Click here to order from the AICPA Store.
Online participation in the AICPA Employee Benefit Plans Conference
If you can't attend the May 6-8 Employee Benefit Plans Conference in New Orleans in person, you still have time to register for the online conference option to access the sessions that you want across the entire event. In addition to the full conference experience you will have access to a live virtual chat, interactive live polls, and can submit questions to speakers. Click here to view the full agenda. EBPAQC members save an additional $100. Be sure to enter the coupon code "EBPAQC19" during the online registration process to receive the $100 savings.
Click here to register for the online option at the May 6-8 EBP conference.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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| In This Alert |
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Members of the Employee Benefit Plan Audit Quality Center (EBPAQC) may only reproduce and distribute EBPAQC Alerts internally within the firm to other Center member firm personnel as part of the firms' professional services. For information about permission to copy any part of these documents for redistribution or inclusion in other work, please click on the copyright notice at the bottom of the page or phone the copyright permission hotline (919) 402-4031.
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