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Technical

Employee Benefit Plans Industry Developments - Audit Risk Alert Logo aicpa

  $39.00 - 59.00 |   AICPA |   Apr 2019 |   AICPA Store

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)
Topics covered:
  • Employee benefit plan auditing: Technical: Defined contribution plans: Audit risk assessment, Foundational
  • Employee benefit plan auditing: Technical: Defined contribution plans: Internal controls/service organizations, Foundational
  • Employee benefit plan auditing: Technical: Defined contribution plans: Financial reporting, Foundational
  • Employee benefit plan auditing: Technical: Defined contribution plans: Form 11-k plan (SEC) filers, Foundational
  • Employee benefit plan auditing: Technical: Defined benefit plans: Audit risk assessment, Foundational
  • Employee benefit plan auditing: Technical: Defined benefit plans: Internal controls/service organizations, Foundational
  • Employee benefit plan auditing: Technical: Defined benefit plans: Financial reporting, Foundational
  • Employee benefit plan auditing: Technical: Health & welfare plans: Audit risk assessment, Foundational
  • Employee benefit plan auditing: Technical: Health & welfare plans: Internal controls/service organizations, Foundational
  • Employee benefit plan auditing: Technical: Health & welfare plans: Financial reporting, Foundational
  • Employee benefit plan auditing: Technical: Multiemployer plans: Audit risk assessment, Foundational
  • Employee benefit plan auditing: Technical: Multiemployer plans: Internal controls/service organizations, Foundational
  • Employee benefit plan auditing: Technical: Multiemployer plans: Financial reporting, Foundational
  • Employee benefit plan auditing: Technical: ESOPs: Audit risk assessment, Foundational
  • Employee benefit plan auditing: Technical: ESOPs: Internal controls/service organizations, Foundational
  • Employee benefit plan auditing: Technical: ESOPs: Financial reporting, Foundational
  • Assurance: Technical: Audit, Foundational
Meet the challenge.
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
  • Master trust reporting
  • FASB ASU No. 2018-13
  • New proposed auditor's reports
  • Risk assessment and control reliance
  • Fee arrangements in defined contribution retirement plans
  • Missing participants and uncashed checks
  • Data analytics

The increasing complexity of employee benefit plan auditing and 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 Association has developed this alert to assist you in identifying current sources of risk within EBP audit engagements.

Written by a task force consisting of current and former employee benefit plan expert panel members, this alert features discussions on new developments and issues that auditors may face in their current audits, as well as a look at what's in the pipeline that may affect your engagements.

Updates in 2019
  • FASB ASU No. 2017-06, Employee Benefit Plan Master Trust Reporting
  • FASB ASU No. 2018-09, Codification Improvements
  • FASB ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement
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