| Dear Center Members: |
This alert contains information regarding:
- 2022 ERISA audits special considerations
- SAS 136, as amended, implementation resources and tools
- May EBP conference
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2022 ERISA plan financial statement audit special considerations
The EBPAQC has developed a new tool, ERISA employee benefit plan financial statement audit special considerations - 2022, to assist plan auditors in evaluating new and special considerations in the 2022 audit season including the implementation of AU-C section 703, Forming an Opinion on Financial Statements of Employee Benefit Plans Subject to ERISA; a new multiemployer benefit plans chapter in the August 1, 2021 AICPA Audit and Accounting Guide, Employee Benefit Plans (EBP Guide); a new type of multiple employer defined contribution plan, pooled employer plans (PEPs), introduced under the Setting Every Community Up for Retirement Enhancement (SECURE) Act; legislative and regulatory developments; and additional resources available. This tool provides a non-authoritative overview of key considerations related to the current environment for employee benefit plan financial statement audits for periods ending December 31, 2021.
Click here for the EBPAQC 2022 ERISA audits special audit considerations tool.
SAS 136, as amended (AU-C section 703) implementation resources and tools
The EBPAQC has compiled tools and resources to assist members and plan clients in implementing SAS 136, as amended (AU-C section 703). The resource centers include links to AICPA resources related to the implementation of AU-C section 703, and includes the following EBPAQC resources:
SAS No. 136 (AU-C section 703) resource center
Audit Advisory on SAS No. 136
This audit advisory 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
This 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 (AU-C section 703) resource center.
ERISA Section 103(a)(3)(C) audits resource center
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.
EBPAQC webcasts
The EBPAQC has the following archived webcasts, upcoming webcast rebroadcasts, and a save the date for a future AU-C section 703 Q&A webcast.
Click here to view the EBPAQC archived webcast, ERISA Section 103(a)(3)(C) audits – Part 1.
Click here to view the EBPAQC archived webcast, ERISA Section 103(a)(3)(C) audits – Part 2.
Click here to register for the March 3, 2022 rebroadcast of the ERISA Section 103(a)(3)(C) audits – Part 1 webcast, which qualifies for 2 hours of CPE.
Click here to register for the March 10, 2022 rebroadcast of the ERISA Section 103(a)(3)(C) audits – Part 2 webcast, which qualifies for 2 hours of CPE.
Save the date for the March 15, 2022 AU-C section 703 lightning round Q&A. The registration information will be sent in an alert at a later date.
May 10-12 AICPA Employee Benefit Plans Conference (in-person and live online) - Special Member Benefit
The AICPA Employee Benefit Plans Conference will be held May 10-12 at Gaylord Opryland Resort & Convention Center, Nashville, TN. This 2 ½ day event has in-person and live online options and offers up to 23 hours of CPE credit.
Click here to register for the May 10-12 AICPA Employee Benefit Plan Conference.
EBPAQC members qualify for a special $100 discount. Be sure to enter the coupon code "EBPAQC." Register by March 25 to receive an additional early bird discount of $100.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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