Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.
Employee Benefit Plan Auditing
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
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.
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.