Employee Benefit Plans Industry Developments, 2016: Audit Risk Alert

ISBN-13: 9781943546459 / Angielski / Miękka / 2017 / 112 str.

AICPA

Opis

The increasing complexity of employee benefit plan auditing and increased focus by the DOL have resulted in significant pressure for CPAs and firms performing EBP audits. To help CPAs meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this Alert to assist you in identifying current sources of risk within EBP audit engagements. You'll find targeted discussion on new developments, issues auditors may face in their current audits, and a look at what's in the pipeline that may affect your engagements. Key Benefits

• Coverage of emerging practice issues, including simplification of plan accounting, disclosures for investments in certain entities that calculate NAV per share (or its equivalent), plan expenses, and repurchase agreements
• An in depth look at limited-scope certifications as well as plan transfers
• Analysis of high risk areas specific to defined benefit pension plans, such as pension benefit guaranty corporation premiums and reporting, demographic and economic assumptions, and pension risk management
• Current developments on health and welfare plans, including health care reform and its effect on employee benefit plans
• Up-to-date information on regulatory development from both the DOL and IRS

Updates

• FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
• FASB ASU No. 2015-10, Technical Corrections and Improvements
• FASB ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (part I) Fully Benefit-Responsive Investment Contracts, (part II) Plan Investment Disclosures, (part III) Measurement Date Practical Expedient

Who Will Benefit?

• Smaller, regional, and large accounting firms need this alert to understand the key risks for the current year's audit and the many aspects of the:
• Specialized auditing and accounting for defined benefit pension plans, defined contribution retirement plans including employee stock ownership plans, and health and welfare benefit plans
• Regulatory requirements (DOL rules and regulations)

O autorze

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule–making and standard–setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession′s technical and ethical standards.

The AICPA′s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.