Learn more about the Voluntary Disclosure Program. ...
This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.
The COVID-19 outbreak may offer one hidden benefit as we enter the Employee Benefit Plan (EBP) audit season: we’ll have plenty of time to learn about some new upcoming standards.
The AICPA Auditing Standards Board recently voted to defer the effective date of Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, until periods ending on or after December 15, 2021. The original effective date was December 15, 2020.
The standard changes several aspects of the EBP audit itself, including the limited scope terminology, engagement acceptance, risk assessment and planning, communication with those charged with governance, audit procedures and reporting. For detailed changes and further information, contact a Schneider Downs professional or click on the AICPA link below:
Note that early implementation is also permitted, to allow those firms that are able to proceed with implementation as of the original effective date to do so.
In addition to the standard above, the AICPA also announced a few other standards that are deferred until periods ending on or after December 15, 2021, including:
Learn more about the Voluntary Disclosure Program. ...
Learn more about the Voluntary Disclosure Program. ...
We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.
Ask us
[email protected]
p:412.261.3644
f:412.261.4876
[email protected]
p:614.621.4060
f:614.621.4062
[email protected]
p:571.380.9003