Auditing

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AUDITING

A joint task force of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) Executive Committee and the Employee Benefit Plan, Not-for-Profit and Health Care expert panels has developed resources to help auditors prepare for new requirements related to 403(b) retirement plans.

Beginning with 2009 Form 5500 filings, employee benefit plans under section 403(b) of the Internal Revenue Code that are sponsored by charitable organizations and covered under the Employee Retirement Income Security Act of 1974 will be subject to the same reporting and audit requirements as 401(k) plans.

Many plans face significant challenges in establishing plan accounting records and proper controls, identifying all participant accounts to be included as plan assets, determining beginning account balances (that is, comparative balances are also required as of Dec. 31, 2008, for calendar year plans), obtaining other financial information to be included in the plan’s financial statements, and obtaining an unqualified opinion on the plan’s financial statements from the independent auditor. The task force’s resources are available at http://ebpaqc.aicpa.org/Resources/Accounting+and+Auditing+Resource+Centers/
403%28b%29+Plans.htm.

 

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