In July 2019, the AICPA Auditing Standards Board issued as a final standard,
Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting
on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS No. 136
prescribes certain 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. It is not for plans that are not subject to ERISA. Codified in new
AU-C section 703 of AICPA Professional Standards, this standard is the
foundational section that addresses the auditor’s responsibility to form an opinion
on the ERISA plan financial statements and prescribes the form and content of the
auditor’s report for ERISA plan audits.
This course will address changes brought on by SAS No. 136. Specifically, the
course looks at 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 relating to the ERISA-required supplemental schedules
and the Form 5500 and the form and content of the related auditor’s report.
When you complete this course you will be able to:
• Identify the concepts contained in recently released standards that have
changed the auditor’s reporting process.
• 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.
• Identify the requirements for forming an opinion on the ERISA plan
financial statements and the form and content of the auditors’ report.
• Recall the audit considerations relating to the auditor’s responsibilities for
an entity’s Form 5500 filing.
• 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.
• Recent reporting standards issued
• The overall requirements for AU-C section 703
• Forming and opinion on the ERISA plan financial statements
• Considerations relating to Form 5500 filings
• Auditors reports
• Special considerations when performing an ERISA Section 103(1)(3)(C)
Practitioners conducting ERISA