A letter from the Employee Benefit Plan Audit Quality Center addresses nondisclosure agreements and recommends actions that auditors can take to avoid running afoul of legal, regulatory, or professional standards.
Employee Benefit Plan Auditing
A&A Focus recap: Top A&A and employee benefit plan issues
The June installment of the monthly newscast series reviews the top issues raised at two of the AICPA’s premier conferences, looks at software being used by auditors, and includes an update from the AICPA’s chief auditor.
DOL report points out deficiencies in employee benefit plan audits
The report examined filings from 2020, finding that 70% of audits either fully complied with auditing standards or had minor deficiencies.
EBP audits set for major changes, more transparency
Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.
FinREC addresses EBP revenue recognition implementation
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
EBP audits: Document so your steps can be retraced
Thorough documentation demonstrates the quality that a practitioner has delivered in any audit. Amid the coronavirus pandemic, documentation provides auditors an opportunity to show they are on top of the many changes that plans may have undergone.
EBP tax compliance testing tips
Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.
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