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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.Β 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:
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Content: Intro
Title Page
Copyright
Not-for-Profit Entities Industry Developments-2018
How This Alert Helps You
Economic and Industry Developments
The Current Economy
Hot Topics
Cybersecurity
Auditing Standards Board Employee Benefit Plan Auditor Reporting Project
Accounting Issues and Developments
Direct Versus Indirect Investment in Fully Benefit-Responsive Investment Contracts
Readily Determinable Fair Value
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) Disclosures When a New FASB Codification Update Is IssuedASU No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (A Consensus of the Emerging Issues Task Force)
Auditing Issues and Developments
Plan Sponsor System-Generated Information and Reports
Use of Outside Service Provider System-Generated Information and Reports
Trends in Legal Action
Employee Benefit Plan Guide Update
Form 11-K Filers PCAOB AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified OpinionOther Amendments to PCAOB Standards
Auditing Interpretation No. 4 to AU-C Section 700
Defined Benefit Pension Plans
IRS Mortality Assumption Changes
FASB ASC 960 Expected Long-Term Rate of Return
Continued Adoption of Cash Balance Plans
PBGC Premiums
Health and Welfare Benefit Plans
Economic and Demographic Assumptions
Other Assumptions
Retiree Reimbursement Account or Arrangement
Audit Quality AICPA Peer Review Enhanced Oversight Program-Findings That Led to Nonconforming EngagementsPreparing for Peer Review
Tools to Further Audit Quality
Recent Pronouncements
Recent Auditing and Attestation Pronouncements and Related Guidance
Recent Accounting Standards Updates
Recently Issued Technical Questions and Answers
Regulatory Developments-DOL
2017 Form 5500 Annual Report
The DOL Extends Transition Period for Fiduciary Rule Exemptions
Regulatory Developments-IRS
IRS Announces 2018 Pension Plan Limitations
401 (k) Contribution Limit Increases to 18,500 for 2018 Mortality Tables for Pension Plans Updated for 2018Disaster Tax Relief For Retirement Plans
Retirement Plans Can Make Loans and Hardship Distributions to Victims of Hurricanes Maria, Irma, and Harvey
IRS Updates Procedures for Issuing Opinions on Preapproved Plans
IRS Issues New Guidance on Hardships
Required Amendments From the IRS
Tax Reform's Effect on ESOPs
PBGC Expanded Missing Participants Program
IRS Extends Relief to Frozen Defined Benefit Pension Plans
Regulatory Developments-Multiemployer Plans
Multiemployer Pension Reform Act of 2014 Benefit Suspension
On the Horizon
π SIMILAR VOLUMES
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
New standards for financial statement presentation and revenue recognition have created many not-for-profit financial reporting changes. Combine those with today's technology-centered environment and the ever-present scrutiny of exempt organizations by the IRS and watchdog and rating agencies, and a
This alert provides auditors with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect how auditors conduct audits and other engagements. An entityβs internal management can also use this alert to address areas of audit concern. Updates inclu