| Dear Center Members: |
This alert includes information about new and revised EBPAQC tools and resources, including:
- Plan advisory, The importance of retaining and protecting employee benefit plan records
- Defined contribution plan audit information request tracker tool
- Revised primer, Tax and compliance issues for 401(k) plans
Revised tools:
- Planning Tool: Summary of common EBP audit deficiencies, audit guidance, and resources
- Documentation of use of a Type 2 service auditor's report in an audit of an employee benefit plan's financial statements
- Documentation of use of an actuarial report in an audit of a defined benefit pension plan's financial statements
This alert also includes information about other AICPA and EBPAQC EBP audit resources and technical assistance.
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Plan advisory on the importance of retaining and protecting employee benefit plan records
The EBPAQC has issued a new plan advisory, The importance of retaining and protecting employee benefit plan records, which provides plan sponsors, plan administrators, and trustees with an understanding of the importance of properly maintaining plan records, including retention requirements under ERISA, and their responsibilities for protecting personally identifiable and other sensitive information.
This advisory describes ERISA and DOL record retention requirements, protecting personally identifiable information, the effect of inadequate records on audit scope and testing and the auditor's report, and the implications to the plan administrator for failure to properly retain records. It also provides suggestions for best practices for record retention and date protections, and additional resources.
Click here for the plan advisory.
Defined contribution plan audit information request tracker tool
The EBPAQC has developed a new tool, Defined contribution plan audit information request tracker, to assist plan auditors in tracking requests for audit information from the plan sponsor, administrator, recordkeeper and others that may have plan information necessary to perform the audit. The tool includes a list of information that may be requested from the client; automatically calculates the number of days until the information is due, which updates each day; and can be customized to the specific plan audit client by adding, deleting or editing items requested. The tool is provided in Excel format, and includes helpful user tips.
The tool also includes sections for additional information requests related to 403(b) plans and ESOPs, as well as information that may be necessary for a plan merger or spin-off, change in service organization, initial audits, and terminating plans.
Click here for the tracker tool.
Tax and compliance issues for 401(k) plans primer (revised)
The EBPAQC has updated the primer, Tax and compliance issues for 401(k) plans, to reflect changes made to the IRS determination letter program and some terminology has been revised (for example, master, prototype and volume submitter plans are now known as standardized or non-standardized pre-approved plans). In addition, the discussions of IRS compensation and contribution limits were revised to be evergreen, and there are minor clarifying revisions throughout.
Click here for the primer.
Revised and updated EBPAQC planning and documentation tools
The EBPAQC has revised and updated the following planning and documentation tools:
This tool was revised to include a section related to plan expenses assumptions.
Other EBPAQC tools and resources
The EBPAQC has many valuable tools and resources available to help you with your EBP audits. These include online resource centers, current and archived alerts, live and archived webinars, audit engagement tools and aids, practice management tools and aids, plan advisories, "topix" primers and much more.
Click here for a summary of the EBPAQC tools and resources.
AICPA A&A technical assistance
Consult the AICPA EBP audit guide and audit risk alert - If you need technical guidance on an accounting or auditing issue, many times the answer can be found by consulting the AICPA Audit and Accounting Guide (EBP Guide), Employee Benefit Plans the AICPA Audit Risk Alert, Employee Benefit Plans Industry Developments-2019 (EBP Audit Risk Alert) and the other EBPAQC and AICPA resources. The EBP Guide summarizes accounting and auditing guidance specific to employee benefit and includes useful practice tips as well as recommendations of the AICPA's Financial Reporting Executive Committee (FinREC) for accounting for unique areas not addressed in GAAP. Click here to order the EBP Guide.
The EBP Audit Risk Alert helps you identify current sources of risk within the plan and its environment and includes targeted discussions 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. Click here to order the EBP Audit Risk Alert.
Contact the AICPA Accounting & Auditing Technical Hotline - If after consulting the above resources you still cannot find answers to your accounting and auditing technical question, contact the AICPA's Accounting and Auditing Technical Hotline by submitting your question electronically using the Technical Inquiry Form (accessible through the link below) or by calling the Technical Hotline at 1-877-242-7212. The AICPA Technical A & A Hotline is a free service for AICPA members. Click here for AICPA Technical A & A Hotline Inquiry Form.
Contact the AICPA Professional Ethics Hotline - For AICPA ethics or independence issues access the AICPA Professional Ethics Hotline by calling (888) 777-7077, menu option #6, followed by menu option #1, or e-mail at ethics@aicpa.org.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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