| Dear Center Members: |
This alert contains information regarding:
- New EBPAQC Resources
- AICPA EBP Volunteer Opportunities
- Committee Changes
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Form 5500 Non-Authoritative Practice Aid
The EBPAQC has developed a new non-authoritative practice aid, Form 5500 considerations for auditors, to assist plan auditors in better understanding the plan and assessing whether information in the plan's financial statements is properly reported. This non-authoritative practice aid provides an overview of the Form 5500 Series and non-authoritative tips and considerations for auditors in understanding the Form 5500 and schedules, and how information in the Form 5500 and schedules may relate to the plan's financial statements.
Click here for the Form 5500 considerations for auditors non-authoritative practice aid.
EBP Audit Engagement Acceptance and Continuance Tool
ERISA employee benefit plan audits require specialized knowledge and can be complex. Further, they may be subject to review by the DOL's Office of Chief Accountant in addition to being a "must select" in a firm's peer reviews. Auditors should carefully consider whether the firm and staff have the experience, training, and expertise to perform a quality ERISA plan audit.
The EBPAQC has developed a tool, Employee benefit plan audit engagement acceptance and continuance considerations, to assist plan auditors in the engagement acceptance and continuance processes. It may be used as a completeness check when considering whether to accept or continue an EBP audit engagement. The tool addresses preconditions and other professional requirements; potential client issues; independence and non-attest considerations; skills, knowledge, and expertise; and other considerations.
Click here for the Employee benefit plan audit engagement acceptance and continuance considerations tool.
AICPA EBP Volunteer Opportunities and Committee Changes
2023-2024 AICPA Volunteer Committee Application Process Underway
If you are interested in contributing to the profession and networking with your peers, then consider applying to serve on the EBPAQC Executive Committee or the Employee Benefit Plans Expert Panel. The application period opens on June 1 for the next volunteer year (May 2023 – May 2024) and applications will be accepted until October 1, 2022. Volunteer committee applications can be accessed via https://volunteers.aicpa.org/default.aspx. Please be sure to provide a detailed resume along with your application that includes pertinent information about your EBP experience. To attach your resume, click on the Resume and Letters of Recommendation option under the Apply tab. If you have any questions regarding the application process or volunteering in general at the AICPA, email inquiries to AICPAVolunteerServices@aicpa.org.
Following is information about these volunteer opportunities and applicant qualifications.
EBPAQC Executive Committee
The EBPAQC Executive Committee establishes general policies of the Center and oversees its activities. The Executive Committee is made up of 16 members who may serve up to three consecutive one-year terms. The Committee comprises members from small, medium, and large firms from various geographic regions throughout the country. Candidates for the EBPAQC Executive Committee must be the firm's Center Designated Partner, have significant employee benefit plan audit experience, and the candidate's firm must be in compliance with all Center membership requirements. Candidates should also have demonstrated commitment to improving ERISA audit quality within their firm and be active in their state CPA society or other similar activities. Membership on the Executive Committee requires a minimum commitment of 125 to 150 volunteer hours per year. Committee members should be prepared to attend two in-person committee meetings per year and periodic committee conference calls, participate in the activities of two or three task forces, participate on EBPAQC webcasts, and speak on behalf of the Center at various AICPA and state society conferences.
EBP Expert Panel
The Employee Benefit Plan Expert Panel monitors employee benefit plan industry developments, trends and opportunities to identify and advise on reporting, attest and assurance issues unique to employee benefit plans. The EBP Expert Panel is made up of 14 members who may serve up to three consecutive one-year terms. The Panel comprises members from small, medium, and large firms from various geographic regions throughout the country. Membership on the Expert Panel requires a minimum commitment of 75 to 100 volunteer hours per year. Candidates will be evaluated based on employee benefit plan audit experience, proven leadership qualities and skills, availability to participate in panel and task force activities, and active participation in their state CPA society or other similar activities.
EBPAQC Executive Committee Volunteer Changes
On behalf of the entire Center membership we would like to thank outgoing EBPAQC Executive Committee members Gwen Mazzola, HoganTaylor LLP and Wendy Terry, Withum, for their outstanding service on the committee and for contributing to the success of the Center during their years of volunteer service.
We welcome new Executive Committee members Lindy Beldyga, Plante & Moran, PLLC, Flint, MI; and Tiana Wynn, SB & Company LLC, Owings Mill, MD.
Continuing on the Executive Committee are Chair, Debbie Smith, Grant Thornton LLP, and members Doug Bertossi, CliftonLarsonAllen LLP; Sandi Carrier, Deloitte & Touche LLP; Beth Garner, BDO; Judy Goldberg, EY; Chip Harris, RubinBrown LLP; Nicole Hilbert, KPMG LLP; Linda McLean, DGC; John Nicolopoulos, RSM USA LLP; Steve Perazzoli, PwC; Brian Price, PriceKubecka, PLLC; Lisa Todd, Moss Adams LLP; Emily Toler, Capin Crouse, LLP; and David Torrillo, Torrillo and Associates, LLC. We thank all of these members for contributing a significant amount of volunteer time and energy in helping EBPAQC members and overseeing the activities of the Center.
Employee Benefit Plans Expert Panel Volunteer Changes
The AICPA Employee Benefit Plans Expert Panel consists of volunteers whose primary role is to identify emerging EBP accounting and auditing issues, recommend appropriate action in addressing the issues, assist in developing AICPA EBP resources, and provide technical support to the Center's Executive Committee by participating as speakers on webcasts and in reviewing Center tools.
We would like to thank outgoing Expert Panel members Judy Goldberg, EY; Calvin Upton, Crowe Horwath LLP; and Tiana Wynn, SB & Company LLC for their service and contributions.
We welcome the following new members to the Expert Panel, Joseph Farrenkopf, PKF O’Connor Davies, LLP, Harrison, NY; Christie Holt, EY, Dallas, TX; and Jodi Malis, Hancock Askew & Co., LLP, Peachtree Corners, GA.
Continuing on the Expert Panel are Chair, Josie Hammond, RSM USA LLP; Jennifer Allen, Crowe Horwath LLP; Erin Breit, BDO; Kimberly Carl-Cooke, Deloitte & Touche LLP; Jason Eddy, Grant Thornton; Cathleen Finneran, PwC; Kathryn Long, Sikich LLP; Jayme Malimban, Johnson Lambert LLP; Stacy Meyer, CliftonLarsonAllen LLP; Jodi Schmidt, KPMG LLP; and Tiffany White, Clark, Schaefer, Hackett & Co.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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