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Home Interest Areas Employee Benefit Plan Audit Quality Center Resources EBPAQC Primers

EBPAQC Primers

EBPAQC Primers 

These primers are non-authoritative practice tools developed by the AICPA Employee Benefit Plan Audit Quality Center to assist member firms in preparing staff for the employee benefit plan audits they perform. We have assembled general and background information on various topics, along with information about the relevant auditing and accounting standards, in an easy-to-understand format. These primers also provide information about additional sources that may be consulted in researching these topics.

Employee Stock Ownership Plans
This primer provides a general understanding of employee stock ownership plans (ESOPs), and includes topics on ESOP attributes and types of ESOPs, operations and recordkeeping, leveraged ESOPs, tax benefits and related compliance requirements, prohibited transactions exemptions, valuation of employer securities and accounting and auditing resources.

Multiemployer Employee Benefit Plans

This primer provides a general overview of multiemployer plans and includes discussions of applicable laws and regulations, plan structure and operations, funding, unique aspects of multiemployer plan assets and obligations, parties in interest and prohibited transactions, and plan expenses, and provides references to additional resources.


403(b) Plans
This this primer to provides general information about 403(b) plans, including a description of the nature and characteristics of such plans, a discussion of related regulations, and information about other helpful resources. 

Alternative Investments in Employee Benefit Plans
This primer provides information about alternative investments held by employee benefit plans, including a discussion of their unique characteristics, ways to identify them, valuation methods, reports commonly used to support the valuations, and references to the relevant accounting and auditing literature. 

Cash Balance Plans
This document provides information about the nature and characteristics of cash balance plans, references to the relevant accounting and auditing professional literature, and information about other helpful resources.

Employee Benefit Plans – Parties in Interest and Prohibited Transactions
This document provides general information about employee benefit plan parties in interest and prohibited transactions under ERISA.

Insurance Company Products Offered to Employee Benefit Plans
This primer provides an overview of various types of products offered by insurance companies and discusses trusteeship and custodianship; identifying the various products; allocated vs. unallocated contracts; reporting; and references to the relevant accounting and auditing professional literature.

Limited Scope Audits
This document provides information about the statutory and regulatory basis for the limited scope audit exemption, proper certifications from qualified institutions, the plan administrator's responsibilities, the limited scope audit in the current environment, and the effect of the limited scope audit exemption on the scope of the independent auditor's testing and reporting.

Plan Investments in Bank Collective Investment Funds
This documents includes discussions of the unique characteristics and structure of CIFs, how they are regulated, valuation methods, fees commonly charged and methods for determining them, disclosures made to plan sponsors, and references to the relevant accounting and auditing professional literature.

Plan Sponsor Subsidies Under the Medicare Prescription Drug, Improvement and Modernization Act of 2003

This document provides information about the Medicare Prescription Drug, Improvement and Modernization Act of 2003 and how it might be relevant to the plans you audit.  It includes information about the nature of the drug subsidies provided for in the Act, what plans may be eligible for the subsidy, and the benefits provided.

Stable Value Funds and Investment Contracts—An Overview
This document provides information about the nature and characteristics of stable value investments, the risks associated with such investments, and references to the relevant accounting and auditing standards.

Tax and Compliance Issues for 401(k) Plans
This primer provides a general understanding of the tax and compliance requirements for 401(k) plans subject to the reporting requirements of ERISA, including the tax advantages of plan qualification; IRC plan qualification requirements; plan design and IRS determination, opinion, and advisory letters; non-discrimination and other operating tests; safe harbor plans; plan document failures and operational errors; IRS correction programs; unrelated business income tax considerations; and additional IRS and AICPA resources.

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Limited Scope Primer

Primer:  Overview of limited scope audits of employee benefit plans under ERISA to help members gain a general understanding of those audits.  Provides a general description of the statutory and regulatory basis for the limited scope audit exemption, proper certifications from qualified institutions, the plan administrator’s responsibilities, the limited scope audit
Published on May 13, 2013

EBPAQC Primers

Primer:  These primers provide information about additional sources that may be consulted in researching employee benefit plan audits.
Published on May 10, 2013

EBPAQC Primer on Employee Stock Ownership Plans (ESOPs)

Primer:  This primer provides a general understanding of employee stock ownership plans (ESOPs)
Published on May 10, 2013

EBPAQC 401k Tax and Compliance Primer

Primer:  The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has developed this primer to provide Center members with a general understanding of the tax and compliance requirements for 401(k) plans that are subject to the reporting requirements under the Employee Retirement Income Security Act of 1974 (ERISA).
Published on May 02, 2013

Stable Value Funds and Investment Contracts

Primer:  Overview of stable value funds and investment contracts to help members understand stable value investments. Information about the nature and characteristics, the risks involved, and references to the relevant accounting and auditing standards.
Published on May 02, 2013

Cash Balance Plans

Primer:  Overview of cash balance plans to help members better understand those plans.  Includes information on the nature and characteristics of cash balance plans, references to relevant accounting and auditing literature, and information about other resources.
Published on May 02, 2013

Alternative Investments in Employee Benefit Plans

Primer:  Overview of alternative investments held by EBPs to help members understand their unique characteristics, how to identify alternative investments, valuation methods, reports commonly used.  Also includes references to the relevant accounting and auditing standards.
Published on May 02, 2013

Multiemployer Employee Benefit Plans

Primer:  This primer provides a general overview of multiemployer plans and includes discussions of applicable laws and regulations, plan structure and operations, funding, unique aspects of multiemployer plan assets and obligations, parties in interest and prohibited transactions, and plan expenses, and provides references to additional resources.
Published on April 30, 2013

Medicare Prescription Drug, Improvement & Modernization Act of 2003

Primer:  Overview of the Medicare Prescription Drug, Improvement & Modernization Act of 2003 to help members understand its relevancy to plans they audit. Includes the nature of the drug subsidies, what plans may be eligible, and benefits, as well as information about additional resources.
Published on June 29, 2012

403(b) Plans Primer

Primer:  Overview of 403(b) plans to provide members with a general understanding of those plans. Provides information on the nature and characteristics of 403(b) plans, a discussion of recent regulatory developments, and information about other helpful resources.
Published on June 29, 2012

AICPA Insurance Products Primer

Primer:  This primer provides an overview of various types of products offered by insurance companies and discusses trusteeship and custodianship.
Published on February 09, 2012

Stable Value Funds & Investment Contracts

Primer:  Overview of stable value funds and investment contracts to help members understand stable value investments. Information about the nature and characteristics, the risks involved, and references to the relevant accounting and auditing standards.
Published on February 09, 2012

Plan Investments in Bank Collective Investment Funds

Primer:  Included in this primer are discussions of the unique characteristics and structure of bank collective investment funds (sometimes referred to as CIFs or CCTs), how they are regulated, valuation methods, fees commonly charged and methods for determining them, disclosures made to plan sponsors, and references to the relevant accounting and
Published on January 04, 2011

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