Breaking Down the New Auditor's Report for ERISA Engagements
Overview:
Reporting on ERISA engagements has changed. See what is new.
SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, is specific to audits of financial statements of employee benefit plans (EBPs) subject to the Employee Retirement Income Security Act of 1974 (ERISA). This guidance is for audits of ERISA plan financial statements only.
AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, addresses the auditor's responsibility to form an opinion on the financial statements of EBPs subject to ERISA. It also addresses the form and content of the auditor's report issued as a result of an audit of ERISA plan financial statements. AU-C section 703 applies to audits of single employer, multiple employer, and multiemployer plans subject to ERISA and to an audit of a complete set of general purpose financial statements of ERISA plans and is written in that context.
AU-C section 703 also addresses audits of section 103(a)(3)(C) ERISA audits. This module presents guidance for both, layering on the differences when performing a section 103(a)(3)(C) engagement.
Objectives:
Learning Outcomes
- 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.
Major Topics:
Key Topics
- Reporting on ERISA financial statement engagements.
- Scope, objectives and requirements of AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.
- Other procedures when reporting on a performing a section 103(a)(3)(C) engagement
Designed For:
Who Will Benefit
Auditors in practice conducting engagements subject to ERISA.