Master the fundamentals of auditing employee benefit plans in accordance with AICPA standards and ERISA rules and regulations. Written by a member on the expert panel for employee benefit plans, this book is designed to give an understanding of the requirements and audit procedures related to defined contribution, defined benefit, and health and welfare plans to help accountants more effectively plan and carry out their audit. Topics include: FASB ASU 2017-06, which significantly impacted master trust accounting, reporting and disclosures for employee benefit plans PCAOB adopted AS 3101 in 2017 which resulted in significant changes to the existing auditor's report. New insert for SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

This guide is an ideal roadmap to compliance, giving auditors authoritative guidance, practical tips, and illustrative examples to help them at each stage of the audit. It is designed to bridge the gaps between the what, why, and how to satisfy auditor responsibilities. Key topics covered include: 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)

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 accountants meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist them in identifying current sources of risk within EBP audit engagements. Accountants will find a 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 of this work include: 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