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Technical

Employee Benefit Plans: Audit and Accounting Guide Logo aicpa

  $89.00 - 169.00 |   AICPA |   Mar 2019 |   AICPA Store

Considered the industry standard resource, this guide provides practical guidance, essential information and hands-on advice on the many aspects of accounting and authoritative auditing for employee benefit plans. This new edition has been updated to include additional information related to the issuance of the going concern standard, revisions to provide further guidance related to limited-scope audits, a new illustrative auditor's report for 11-K audits, and has been revised for the recodification of the attestation standards.

Key Benefits

  • Understand the specific requirements and provisions related to going concern.
  • Understand the specific changes to the 11-K auditor's report
  • Gain an understanding of the plan auditing guidance specific to defined contribution retirement plans, employee stock ownership plans, defined benefit pension plans and health and welfare benefit plans
  • Understand the accounting for specialized employee benefit areas, such as contributions and contributions receivable, presentation of plan investments for defined benefit pension plans and health and welfare benefit plans, rollovers, forfeitures, rebates, stop-loss arrangements, plan mergers and spin-offs, claims, postemployment benefits, terminating and frozen plans and the various recommended disclosures

Updates

  • Q&A section 2220.27, "Determining When the Practical Expedient is Not Used or Not Available"
  • Q&A section 2220.28, "Definition of Readily Determinable Fair Value and Its Interaction with the NAV Practical Expedient"
  • SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern
  • PCAOB Release No. 2015-008, “Improving the Transparency of Auditsâ€?
  • AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion
  • SSAE No. 18, Attestation Standards: Clarification and Recodification

Who Will Benefit?

  • Small, regional, and large accounting firms need this guide to understand 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
    • Requirements of the clarified auditing standards including those for using a SOC 1 report, terms of the engagement, and forming an opinion and reporting on financial statements
    • Regulatory requirements (DOL rules and regulations)

Topics covered:
  • Management accounting: Technical: Financial accounting & reporting: Professional accounting standards, Foundational
  • Management accounting: Technical: Financial accounting & reporting: Professional accounting standards, Intermediate
  • Management accounting: Technical: Financial accounting & reporting: Professional accounting standards, Advanced
  • Management accounting: Technical: Financial accounting & reporting: Financial reporting & compliance, Foundational
  • Management accounting: Technical: Financial accounting & reporting: Financial reporting & compliance, Intermediate
  • Management accounting: Technical: Financial accounting & reporting: Financial reporting & compliance, Advanced
  • Employee benefit plan auditing: Technical: Limited scope audits: Certifications, Intermediate
  • Employee benefit plan auditing: Technical: Limited scope audits: Certifications, Advanced
  • Employee benefit plan auditing: Technical: Limited scope audits: Scope of testing, Intermediate
  • Employee benefit plan auditing: Technical: Limited scope audits: Scope of testing, Advanced
  • Employee benefit plan auditing: Technical: Defined contribution plans: Audit risk assessment, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Audit risk assessment, Advanced
  • Employee benefit plan auditing: Technical: Defined contribution plans: Internal controls/service organizations, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Internal controls/service organizations, Advanced
  • Employee benefit plan auditing: Technical: Defined contribution plans: Sampling, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Sampling, Advanced
  • Employee benefit plan auditing: Technical: Defined contribution plans: Prohibited transactions/tax considerations, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Prohibited transactions/tax considerations, Advanced
  • Employee benefit plan auditing: Technical: Defined contribution plans: Plan investments & fair value, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Plan investments & fair value, Advanced
  • Employee benefit plan auditing: Technical: Defined contribution plans: Financial reporting, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Financial reporting, Advanced
  • Employee benefit plan auditing: Technical: Defined contribution plans: Form 11-k plan (SEC) filers, Intermediate
  • Employee benefit plan auditing: Technical: Defined contribution plans: Form 11-k plan (SEC) filers, Advanced
  • Employee benefit plan auditing: Technical: Defined benefit plans: Audit risk assessment, Intermediate
  • Employee benefit plan auditing: Technical: Defined benefit plans: Audit risk assessment, Advanced
  • Employee benefit plan auditing: Technical: Defined benefit plans: Internal controls/service organizations, Intermediate
  • Employee benefit plan auditing: Technical: Defined benefit plans: Internal controls/service organizations, Advanced
  • Employee benefit plan auditing: Technical: Defined benefit plans: Sampling, Intermediate
  • Employee benefit plan auditing: Technical: Defined benefit plans: Sampling, Advanced
  • Employee benefit plan auditing: Technical: Defined benefit plans: Parties-in-interest/prohibited transactions, Intermediate
  • Employee benefit plan auditing: Technical: Defined benefit plans: Parties-in-interest/prohibited transactions, Advanced
  • Employee benefit plan auditing: Technical: Defined benefit plans: Plan investments & fair value, Intermediate
  • Employee benefit plan auditing: Technical: Defined benefit plans: Plan investments & fair value, Advanced
  • Employee benefit plan auditing: Technical: Defined benefit plans: Using the work of an actuary, Intermediate
  • Employee benefit plan auditing: Technical: Defined benefit plans: Using the work of an actuary, Advanced
  • Employee benefit plan auditing: Technical: Defined benefit plans: Financial reporting, Intermediate
  • Employee benefit plan auditing: Technical: Defined benefit plans: Financial reporting, Advanced
  • Employee benefit plan auditing: Technical: Health & welfare plans: Audit risk assessment, Intermediate
  • Employee benefit plan auditing: Technical: Health & welfare plans: Audit risk assessment, Advanced
  • Employee benefit plan auditing: Technical: Health & welfare plans: Internal controls/service organizations, Intermediate
  • Employee benefit plan auditing: Technical: Health & welfare plans: Internal controls/service organizations, Advanced
  • Employee benefit plan auditing: Technical: Health & welfare plans: Sampling, Intermediate
  • Employee benefit plan auditing: Technical: Health & welfare plans: Sampling, Advanced
  • Employee benefit plan auditing: Technical: Health & welfare plans: Parties-in-interest/prohibited transactions, Intermediate
  • Employee benefit plan auditing: Technical: Health & welfare plans: Parties-in-interest/prohibited transactions, Advanced
  • Employee benefit plan auditing: Technical: Health & welfare plans: Plan investments & fair value, Intermediate
  • Employee benefit plan auditing: Technical: Health & welfare plans: Plan investments & fair value, Advanced
  • Employee benefit plan auditing: Technical: Health & welfare plans: Plan obligations/using the work of an actuary, Intermediate
  • Employee benefit plan auditing: Technical: Health & welfare plans: Plan obligations/using the work of an actuary, Advanced
  • Employee benefit plan auditing: Technical: Health & welfare plans: Financial reporting, Intermediate
  • Employee benefit plan auditing: Technical: Health & welfare plans: Financial reporting, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Audit risk assessment, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Audit risk assessment, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Internal controls/service organizations, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Internal controls/service organizations, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Sampling, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Sampling, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Parties-in-interest/prohibited transactions, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Parties-in-interest/prohibited transactions, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Plan investments & fair value, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Plan investments & fair value, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Plan obligations/using the work of an actuary, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Plan obligations/using the work of an actuary, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Financial reporting, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Financial reporting, Advanced
  • Employee benefit plan auditing: Technical: Multiemployer plans: Payroll audits, Intermediate
  • Employee benefit plan auditing: Technical: Multiemployer plans: Payroll audits, Advanced
  • Employee benefit plan auditing: Technical: ESOPs: Audit risk assessment, Intermediate
  • Employee benefit plan auditing: Technical: ESOPs: Audit risk assessment, Advanced
  • Employee benefit plan auditing: Technical: ESOPs: Internal controls/service organizations, Intermediate
  • Employee benefit plan auditing: Technical: ESOPs: Internal controls/service organizations, Advanced
  • Employee benefit plan auditing: Technical: ESOPs: Sampling, Intermediate
  • Employee benefit plan auditing: Technical: ESOPs: Sampling, Advanced
  • Employee benefit plan auditing: Technical: ESOPs: Parties-in-interest/prohibited transactions, Intermediate
  • Employee benefit plan auditing: Technical: ESOPs: Parties-in-interest/prohibited transactions, Advanced
  • Employee benefit plan auditing: Technical: ESOPs: Valuation of employer stock/using work of an appraiser, Intermediate
  • Employee benefit plan auditing: Technical: ESOPs: Valuation of employer stock/using work of an appraiser, Advanced
  • Employee benefit plan auditing: Technical: ESOPs: Financial reporting, Intermediate
  • Employee benefit plan auditing: Technical: ESOPs: Financial reporting, Advanced
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting, Intermediate
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting, Advanced
  • Assurance: Technical: Audit: Authoritative guidance, Intermediate
  • Assurance: Technical: Audit: Authoritative guidance, Advanced

Audit and Accounting Guide Employee Benefit Plans

Offsetting of Derivatives, Repurchase Agreements, and Securities Lending Transactions

“Pending Content” in FASB ASC 210-20-50 enhances disclosures about certain financial instruments and derivative instruments that are either offset in accordance with GAAP or are subject to an enforceable master netting arrangement or similar agreement. Accordingly, there may be additional disclosure requirements for plans that participate in securities lending or derivative and hedging activities. The scope of the disclosure requirements in paragraphs 2–5 of “Pending Content” in FASB ASC 210-20-50 is limited to recognized derivative instruments accounted for in accordance with FASB ASC 815, including bifurcated embedded derivatives, repurchase agreements, reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with FASB ASC 210-20-45 or FASB ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement.

In accordance with “Pending Content, in paragraphs 2–3 of FASB ASC 210-20-50, an entity should disclose information to enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities within the scope of “Pending Content” in FASB ASC 210-20-50-1. This includes the effect or potential effect of rights of setoff associated with an entity’s recognized assets and recognized liabilities. To meet the objective in “Pending Content” in FASB ASC 210-20-50-2, a plan should disclose at the end of the reporting period the following quantitative information separately for assets and liabilities that are within the scope of “Pending Content” in FASB 210-20-50-1:

  1. The gross amounts of those recognized assets and those recognized liabilities
  2. The amounts offset to determine the net amounts presented in the statement of financial position
  3. The net amounts presented in the statement of financial postion
  4. The amount subject to an enforceable master netting arrangement or similar agreement not otherwise included in the disclosure required by (b) including:
  5. the amounts related to recognized financial instruments and other derivative instruments that either (1) management makes an accounting policy election not to offset, or (2) do not meet some or all of the guidance in either FASB ASC 210-20-45 or FASB ASC 815-10-45
  6. The amount related to financial collateral (including cash collateral)
  7. The net amount after deducting the amount in (d) from the amounts in (c)

As stated in “Pending Content” in paragraphs 4-5 of FASB ASC 210-20-50, the information required by the preceding paragraph should be presented in a tabular format, separately for assets and liabilities, unless another format is more appropriate. An entity should provide a description of the rights of setoff associated with an entity’s recognized assets and recognized liabilities subject to an enforceable master netting arrangement or similar agreement disclosed in accordance with “Pending Content” in FASB ASC 210-20-50-3(d), including the nature of those rights.

See the implementation guidance and examples that address the application of the disclosures for derivative instruments and other financial instruments in “Pending Content” in paragraph 1–22 of FASB ASC 210-20-55.

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Your roadmap to EBP audit success

Important Note: The 2019 edition has been updated to reflect adoption of FASB ASU 2017-06, Employee Benefit Plan Master Trust Reporting, effective for fiscal years beginning after December 15, 2018. For plans that are not early adopting FASB ASU 2017-06, we are continuing to offer the 2018 edition in all formats as a resource for requirements prior to the effective date of the ASU.

KEY TOPICS

2019 Edition:

  • Essential guidance for application of GAAS in an EBP audit.
  • References to authoritative accounting guidance for defined contribution (DC), defined benefit (DB) and health and welfare (HW) plans in FASB ASC
  • Guidance on accounting, reporting and disclosure for EBP transactions not addressed in FASB ASC as supported by FinREC
  • Use of a SOC 1 report
  • Use of a specialist (including actuaries and appraisers)
  • Forming an opinion and reporting on EBP financial statements (for full and limited scope EBP audits)
  • Illustrative auditor communications and financial statements
  • Explanation of pervasive regulatory requirements (DOL rules and regulations)

2018 Edition:

  • Specialized guidance related to defined benefit pension plans, defined contribution retirement plans (including employee stock ownership plans), and health and welfare benefit plans
  • Specific requirements and provisions related to going concern
  • Specific changes to the 11-K auditor's report
  • Accounting guidance for specialized employee benefit areas, such as contributions and contributions receivable, presentation of plan investments, rollovers, plan mergers and spin-offs, and many more
  • Guidance on requirements of the clarified auditing standards, including use of a SOC 1 report, terms of the engagement, and forming an opinion and reporting on financial statements
  • Explanation of regulatory requirements (DOL rules and regulations
 
Who Will Benefit?
  • Practitioners in public practice with EBP clients

Whether you're a new or seasoned EBP auditor, you want your name to be on work you can be proud of. This guide is your ideal roadmap to compliance, giving you authoritative guidance, practical tips and illustrative examples to help you at each stage of the audit.

Flawlessly navigate every turn from acceptance to completion.

Designed to bridge the gaps between the what, why and how to satisfy your auditor responsibilities, this guide gives you confidence when issuing your audit reports, or when others are evaluating your work.

In the spotlight — Risk Assessment (including internal control) and Documentation

  • Taking the guess-work out of risk assessment and development of audit procedures by EBP audit area for DC (including ESOPs), DB and HW plans
    • Defined relevant assertions
    • Example Risks of Material Misstatement (“what can go wrong”) at the relevant assertion level to consider
    • Example audit procedures to consider in response to what can go wrong
  • Rerouting to avoid roadblocks and focus on issues that may require consultation
  • Providing Simple route to your destination&helllip; an effective and efficient risk-based EBP audit performed and documented in accordance with professional standards

Updates in the 2019 edition

  • Address the issuance of FASB ASU 2017-06 for master trust reporting.
  • Highlight select recent developments in standards impacting EBP auditing and accounting.

Discounts

Get even more value with the Employee Benefit Plans: Audit & Accounting Set. This convenient bundle gives you access to the full range of Employee Benefit Plan content offered by the AICPA all in one convenient subscription. This online bundle includes how-to advice and authoritative guidance, valuable discussion, best practices, and much more. Follow the link above for more details.

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This product is also available in an online subscription format that includes the corresponding Employee Benefit Plans Industry Developments - Audit Risk Alert, content updates and unlimited online access for 1 year. Select the Online Subscription option and save!

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