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Publications

Employee Benefit Plans Industry Developments - Audit Risk Alert

Publisher: AICPA
  • $39.00-$49.00
    Employee Benefit Plans Industry Developments - Audit Risk Alert 05/01/2017 Product #: ARAEBP17P
    AICPA Member: $39.00
    Non-Member: $49.00
  • $29.00-$39.00
    Employee Benefit Plans Industry Developments - Audit Risk Alert eBook Download Product #: ARAEBP17E
    AICPA Member: $29.00
    Non-Member: $39.00

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.

Key Benefits

  • 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

Updates

  • 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)

Information about the eBook option

If purchasing this title as an eBook, please note that it is intended for a single user. An eBook is a downloadable file that will be accessible immediately after completing your purchase. Access to the download link expires 180 days from the purchase date. Download the file before this time elapses. Before downloading your eBook, you must:

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Table of Contents

System Requirements

About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.



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