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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 auditorís reports, electronic information, limited-scope certification, and new auditing standards such as PCAOB AS 3101.

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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)

Key Topics

  • Coverage of emerging practice issues, including direct versus indirect investment in fully benefit-responsive investment contracts, readily determinable fair value, 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, electronic information and the new PCAOB auditing standard AS 3101
  • 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

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, and new auditing standards such as PCAOB AS 3101.

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.

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

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This product is also available in an online subscription format that includes the corresponding Employee Benefit Plans: Audit and Accounting Guide, content updates and unlimited online access for 1 year. Click here and select the Online Subscription option and save!

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American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 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 specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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