EBPAQC Alert No. 465

ERISA Section 103(a)(3)(C) audits resource center and tools

February 25, 2021 — EBPAQC Alert No. 465

Dear Center Members: This alert contains information about the EBPAQC’s new ERISA Section 103(a)(3)(C) resource center and tools Headlines ERISA Section 103(a)(3)(C) audits resource center and tools The Center has compiled tools and resources to assist members as they implement 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. It includes tools and resources to assist members in understanding and performing ERISA Section 103(a)(3)(C) audits, including: ERISA Section 103(a)(3)(C) audits of employee benefit plans This primer provides a basic understanding of ERISA Section 103(a)(3)(C) audits, including a general description of the statutory and regulatory basis that permits the plan administrator to make the ERISA Section 103(a)(3)(C) audit election, what constitutes a proper certification from a qualified institution, management’s responsibilities, the ERISA Section 103(a)(3)(C) audit in the current environment, and the effect of the ERISA Section 103(a)(3)(C) audit election on the independent auditor’s responsibilities. Common deficiencies in ERISA Section 103(a)(3)(C) audit certifications This tool helps plan management understand its responsibilities for determining the acceptability of an ERISA Section 103(a)(3)(C) certification; helps auditors understand their responsibilities with respect to the certification; and helps both plan administrators and auditors identify common deficiencies in certifications. It also includes an illustration of a proper certification. Conditions for plan management to elect an ERISA Section 103(a)(3)(C) audit This tool is intended to assist plan management in assessing whether the conditions for electing an ERISA Section 103(a)(3)(C) audit have been met. Documentation of the auditor’s evaluation of management’s assessment of an ERISA Section 103(a)(3)(C) audit certification This tool is intended to assist the auditor in documenting procedures performed related to an ERISA Section 103(a)(3)(C) audit certification. Click here to access the ERISA Section 103(a)(3)(C) audits resource center. The EBPAQC also developed a SAS No. 136 resource center, as noted in EBPAQC Alert #463, which includes tools and resources to assist auditors in implementing SAS No. 136 and talking to their plan clients about the new standard. Click here to access the SAS No. 136 resource center. Sincerely, AICPA Employee Benefit Plans Audit Quality Center In This Alert • ERISA Section 103(a)(3)(c) Resource Center Additional Resources • Alerts (archived) • Webinars (archived) • Resource Centers • Tools 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.

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