| Dear Center Members: |
This alert contains information about:
- ERISA employee benefit plan financial statement audit special considerations—2021
- Firm preparedness checklist for ERISA EBP audits
- Summary of EBPAQC resources and tools
- SAS No. 136 resource center and tools
- May 3-5 AICPA EBP national conference - early bird registration
- DOL missing participants guidance
- AICPA EBP product manager position
|
|
2021 EBP audit planning resources
The EBPAQC has valuable tools to assist your firm in planning for the 2021 EBP audit season:
The ERISA employee benefit plan financial statement audit special considerations—2021 provides a non-authoritative overview of key considerations related to the current environment for employee benefit plan financial statement audits with December 31, 2020 year-ends. Topics covered include early implementation of new audit standards; legislative and regulatory developments; additional audit considerations related to the COVID-19 environment; special defined benefit plan considerations; financial statement disclosures, including example disclosures; pooled employer plans (PEPs); and additional resources available. Click here for the special audit considerations tool.
The Firm preparedness checklist for ERISA EBP audits, is a non-authoritative practice aid help firms assess their preparedness for the 2021 EBP audit season and perform quality EBP audits. The tool evaluates general firm preparedness issues for ERISA audits including quality control; inventory of ERISA EBP audits; client acceptance review and auditor independence; reporting requirements and audit filing deadlines; staffing and scheduling; staff training; audit resources and tools; SOC1® reports; consideration of common audit deficiencies; and performing self-inspections of ERISA EBP audits. Click here for the preparedness checklist.
The Summary of EBPAQC resources and tools, provides a brief description of the EBPAQC tools and resources available to members, including archived webinars, primers, audit advisories, plan advisories, audit engagement tools and aids, and practice management tools and aids. Click here for the summary of EBPAQC resources and tools. Click here to access the resource and tools on the EBPAQC website.
SAS No. 136 resource center and tools
The Center has compiled tools and resources to assist members and plan clients in implementing SAS No. 136 Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended (EBP SAS), which was codified in new AU-C section 703 of the AICPA Professional Standards. The resource center includes links to AICPA resources related to the implementation of SAS No. 136, and includes the following EBPAQC resources:
Audit Advisory on SAS No. 136 provides an overview of the new requirements for auditors who perform audits of financial statements of employee benefit plans subject to ERISA.
Client discussion tool on SAS No. 136, “Changes are coming to your benefit plan audit” assists auditors in talking to plan clients about SAS No. 136.
New Audit Standards for Employee Benefit Plans: An Overview for Plan Management Plan Advisory provides plan management (the plan sponsor, administrator, or trustee) with an understanding of new audit requirements in SAS No. 136 for performing and reporting on an audit of employee benefit plan financial statements subject to ERISA.
Click here to access the SAS No. 136 resource center.
The EBPAQC is developing additional resource related to ERISA Section 103(a)(3)(C) audits. These resources will be made available on the EBPAQC Accounting and Auditing Resource Center page and communicated in future EBPAQC alerts.
May 3-5 AICPA Employee Benefit Plans Conference (In-person and live online) — Special Member Benefit
The AICPA Employee Benefit Plans Conference, to be held May 3-5 at Caesar’s Palace, Las Vegas, NV, offers up to 23 hours of CPE credit. The AICPA is working alongside the hotel to ensure that the 2021 conference is inviting, comfortable, and most importantly a safe learning environment for everyone. View Caesars' precautions and safety measures protocols.
Registration to the on-site conference includes full access to the online conference. Should the circumstances change for this event, you’ll have access to the online conference.
Click here to register for the May 3-5 AICPA Employee Benefit Plan Conference. EBPAQC members qualify for a special $100 discount. Be sure to enter the coupon code "EBPAQC." Register by March 19 to receive an additional early bird discount of $100.
DOL guidance for missing participants of retirement plans
The DOL’s Employee Benefits Security Administration (EBSA) announced new guidance to help plan fiduciaries meet their obligations under ERISA to locate and distribute retirement benefits to missing or nonresponsive participants of defined benefit and defined contribution plans. The guidance includes:
- Best Practices for Pension Plans describes best practices that fiduciaries of retirement plans, such as 401(k) plans, should consider to help reduce missing participant issues and ensure that plan participants receive promised benefits when they reach retirement age.
- Compliance Assistance Release 2021-01 outlines the general investigative approach that will guide all of EBSA’s Regional Offices under the Terminated Vested Participants Project and facilitate voluntary compliance efforts by plan fiduciaries.
- Field Assistance Bulletin 2021-01 authorizes, as a matter of enforcement policy, plan fiduciaries of terminating defined contribution plans use of the PBGC missing participant program for missing or nonresponsive participant’s account balances.
Members may wish to share these resources with their plan clients.
AICPA EBP Product Manager Position
The AICPA Professional Development team is seeking to hire a Product Management & Development Manager for employee benefit plan content. The individual will be responsible for developing content (most notably the EBP Audit & Accounting Guide) to serve public accountants/management accountants and other engaged professionals competency development needs; understanding member needs and proposing new products and product enhancements to enhance member value; and serving as a lead contributor as well as a collaborative leader to manage internal and external content developers to develop high quality and technically accurate content. The individual should have solid knowledge of accounting and auditing standards, ERISA and DOL reporting requirements, and EBP auditing. In addition, the individual should have strong project management, organizational, written/oral communication and presentation, decision-making, problem-solving, and conflict resolution skills; and the ability to manage multiple projects simultaneously. Candidates should have current CPA license with a minimum of 5-7 years' experience.
The individual will be based in the Durham, NC office and will be able to telecommute remotely from most locations in the US subject to the AICPA telecommuting policy. The AICPA has a work environment that offers work/life balance and is committed to diversity and inclusion.
Interested individuals can click here to see the job posting and apply for the position.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
|
 |
|
| In This Alert |
|
| Additional Resources |
|
| Stay Informed |
We welcome any suggestions or questions - please send them by e-mail at EBPAQC@aicpa.org.
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.
©2021 Association of International Certified Professional Accountants.
Online privacy policies and copyright information.
220 Leigh Farm Road, Durham, NC 27707-8110.
|
|
|
|
|
