| Dear Center Members: |
This alert contains information about:
- ASB defers new SASs
- EBP Audit Guide
- May 4-5 virtual EBP Conference
- Updated COVID-19 A&A FAQs
- New COVID A&A resources
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Auditing Standards Board defers new EBP auditing standard (SAS 136) and other new SASs
The AICPA Auditing Standards Board voted to defer the effective date of Statements on Auditing Standards (SAS) Nos. 134-140 until periods ending on or after December 15, 2021, although earlier implementation would be permitted to allow those firms that are in a position to proceed with implementation as of the original effective date to do so.
SASs deferred until periods ending on or after December 15, 2021:
- No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, as amended,
- No. 135, Omnibus Statement on Auditing Standards—2019,
- No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended,
- No. 137, The Auditor's Responsibilities Relating to Other Information Included in Annual Reports,
- No. 138, Amendments to the Description of the Concept of Materiality,
- No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134,
- No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137.
EBP Audit and Accounting Guide
The AICPA will be issuing a new edition of the Audit and Accounting Guide, Employee Benefit Plans (the EBP Guide) in late-2020 that will be updated for new audit standards (SAS Nos. 134-140), as applicable, for which the effective date was deferred until reporting periods ending on or after December 15, 2021, with early implementation permitted. The EBP Guide will include the new performance and reporting requirements of SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended and certain related enhancive updates to assist with firm implementation.
Practitioners should continue to refer to the 2019 guide for the 2019 plan audits performed in 2020.
Register for May 4-5 virtual AICPA Employee Benefit Plans Accounting, Auditing and Tax Online Update Conference
The AICPA is hosting a new live online virtual conference, the AICPA Employee Benefit Plans Accounting, Auditing, and Tax Update Conference on May 4th and May 5th. The live online event addresses critical auditing and tax issues with industry experts, panel discussions, and Q&A opportunities.
Hot topics Include:
- CARES Act Effect on Retirement Plans
- Round Tables on COVID-19 and the Secure Act
- Audit & Accounting – Current Year Considerations and Challenges
- Managing Liquidity in Turbulent Times
This conference is specifically designed over 2 half-days (12:00 - 4:10 p.m. Eastern Time) to allow both east and west coast participants to interact and chat live during sessions with the speakers and other fellow virtual attendees. The conference qualifies for 8 hours of CPE credit.
Registered participants will be able to re-watch recorded sessions after the conference. Most people need a refresher. Sessions are available starting 4-6 weeks after the event. The recorded content is not eligible for CPE.
EBPAQC members qualify for a special $50 discount. Be sure to enter the coupon code "EBPAQC".
Groups can receive significant savings when registering two or more individuals. Please contact conference group sales at: groupconference@aicpa-cima.com or call 800.634.6780, Option 2.
Click here to register for the May virtual EBP conference.
Updated AICPA FAQs — Audit Matters and Auditor Reporting Related to COVID‐19
The AICPA has updated the AICPA FAQs — Audit Matters and Auditor Reporting Issues Related to COVID-19 with a second edition including questions and answers related to the use of SOC 1 reports by user auditors, and modified compilation reports. Other topics addressed include, among other things, subsequent events disclosures including market‐value declines; risks and uncertainties; going concern assumptions and disclosures; and emphasis‐of‐matter paragraphs. The FAQs also address remote audit planning; access to the client's books and records; client's internal control; fraud risk and inquiries; account confirmations; and the acceptability of management representation letter on "plain paper." The FAQs will be updated as additional questions are collected through various AICPA sources and channels.
Click here for the updated FAQs (Second edition, updated April 15, 2020).
AICPA Coronavirus (COVID-19) audit and accounting resources
The AICPA Coronavirus (COVID-19) Audit and Accounting Resource Center has added new resources to help members during these challenging times. Many of these resources developed by the AICPA sections and centers and staff are made available to all AICPA members.
Click here for additional A&A resources related to COVID-19.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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