| Dear Center Members: |
This alert contains information regarding the following new EBPAQC resources:
- ERISA employee benefit plan financial statement audit special considerations--2023
- Health and welfare benefit plans actuarial assumptions and methods primer
- AICPA/DOL Independence rules comparison tool (updated)
- Form 5500 considerations for auditors (updated)
- Firm preparedness checklist (updated)
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2023 ERISA plan financial statement audit special considerations
The EBPAQC has developed a new tool, ERISA employee benefit plan financial statement audit special considerations - 2023, to assist plan auditors in evaluating new and special considerations in the 2023 audit season. It addresses the implementation of SAS No. 142, Audit Evidence, (codified in AU-C section 500); lessons learned from the auditor’s implementation of AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA; recent regulatory and legislative developments; considerations for auditing in the current environment; what's on the horizon; 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, 2022.
Click here for the EBPAQC 2023 ERISA audits special audit considerations tool.
New Health and Welfare Plan Actuarial Methods and Assumptions Primer
The EBPAQC has developed a new primer, Actuarial methods and assumptions used in measuring plan benefit obligations in health and welfare benefit plans, to provide Center members with a general understanding of the actuarial methods and assumptions used in determining plan benefit obligations in defined benefit health and welfare plans under FASB ASC 965, Employee Benefit Plan Accounting—Health and Welfare Benefit Plans. This primer addresses plan benefit obligations, the actuarial method, actuarial valuation, actuarial valuation inputs, actuarial assumptions, and the actuarial valuation report.
Click here for the EBPAQC health and welfare plans actuarial assumptions and methods primer.
Updated Independence Tool
The AICPA Professional Ethics Division has updated its AICPA and DOL Independence rules comparison tool providing a summary and comparison of the more common DOL and AICPA independence rules that affect auditors of employee benefit plans, and how they differ.
Click here for the AICPA and DOL Independence rules comparison tool.
Updated Form 5500 Non-Authoritative Practice Aid
The EBPAQC has updated its non-authoritative practice aid, Form 5500 considerations for auditors, for recent changes to the Form 5500. It is intended 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.
Updated Firm Preparedness Checklist
This checklist addresses general firm preparedness issues for ERISA audits including:
- the firm's quality control (QC) policies and procedures related to the ERISA audit practice,
- firm-wide 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 2023 firm preparedness checklist.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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