New
22SR-0029: Breaking Down the New Auditor's Report for ERISA Plans (In-person)
If you have questions about this event, please call us at 952-831-2707.
Thursday, June 16, 2022
8:30am - 12:00pm Central Time
4 CPE (4 technical)
Minnesota Society of CPAs, Bloomington
Are you ready for major changes to your audits? In July 2019, the AICPA Auditing Standards Board issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS 136 prescribes new performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA), and changes the form and content of the related auditor’s report. This standard is the foundational section that addresses the auditor’s responsibility to form an opinion on the ERISA plan financial statements and dictates the form and content of the auditor’s report for ERISA plan audits.
If you're approaching your audits as "the same as last year," then you likely won't meet the new standard. Learn about the changes brought on by SAS 136 and what they mean for you. Explore the requirements for engagement acceptance, audit risk assessment and response, including the auditor’s consideration of relevant plan provisions, communications of reportable findings with those charged with governance, the auditor’s responsibilities related to the ERISA-required supplemental schedules, Form 5500 and the form and content of the related auditor’s report.
Major subjects
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Recent reporting standards issued
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The overall requirements for AU-C section 703
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Forming an opinion on the ERISA plan financial statements
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Considerations related to Form 5500 filings
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Auditors' reports
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Special considerations when performing an ERISA Section 103(1)(3)(C) audit
Learning objective(s)
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Identify the concepts of recently released standards that have
changed the auditor’s reporting process
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Recall the scope, objectives and auditor’s requirements of AU-C section 703 -- Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, with respect to non-Section
103(a)(3)(C) plan audits
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Identify the requirements for forming an opinion on the ERISA plan financial statements and the form and content of the auditors’ report
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Recall the audit considerations related to the auditor’s responsibilities for an entity’s Form 5500 filing
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Identify the special considerations regarding the scope, objectives and
auditor’s requirements with respect to an ERISA Section 103(a)(3)(C)
audit, including forming an opinion and the form and content of the ERISA Section 103(a)(3)(C) auditor’s report
Who should take this program?
Practitioners who conduct ERISA
plan audits
Fees
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