Employee Benefit Plans Industry Developments - Audit Risk Alert
Developed by a task force consisting of current and former employee benefit plan expert panel members, this alert offers a range of topics such as master trust reporting, cybersecurity, new proposed auditor’s reports, electronic information, limited-scope certification, new auditing standards and going concern.
The increasing complexity of employee benefit plan auditing and increased focus by the DOL have resulted in significant pressure for CPAs and firms performing EBP audits. To help CPAs meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist you in identifying current sources of risk within EBP audit engagements. You’ll find targeted discussion on new developments, issues auditors may face in their current audits, as well as a look at what’s in the pipeline that may affect your engagements.
- Coverage of emerging practice issues, including simplification of plan accounting, disclosures for investments in certain entities that calculate NAV per share (or its equivalent), plan expenses, and repurchase agreements
- An in depth look at master trust reporting, limited-scope certifications, electronic information and the new auditing standard on going concern
- Analysis of high risk areas specific to defined benefit pension plans, such as pension benefit guaranty corporation premiums and reporting, demographic and economic assumptions, and pension risk management
- Current developments on health and welfare plans, including health care reform and its effect on employee benefit plans
- Up-to-date information on regulatory development from both the DOL and IRS
- FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
- FASB ASU No. 2015-10, Technical Corrections and Improvements
- FASB ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (part I) Fully Benefit-Responsive Investment Contracts, (part II) Plan Investment Disclosures, (part III) Measurement Date Practical Expedient
- FASB ASU No. 2017-06, Employee Benefit Plan Master Trust Reporting
- FASB ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
Who Will Benefit?
- Smaller, regional, and large accounting firms need this alert to understand the key risks for the current year's audit and the many aspects of the following:
- Specialized auditing and accounting for defined benefit pension plans, defined contribution retirement plans including employee stock ownership plans, and health and welfare benefit plans
- Regulatory requirements (DOL rules and regulations)
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