Practice Tools and Aids

    Practice Tools and Aids 

    The Center has developed valuable tools to help members perform quality employee benefit plan audits.

    Internal Control Communication Examples
    The Center has developed this non-authoritative document to assist Center members in preparing internal control communications to their employee benefit plan clients. It contains example comments that may be useful in preparing required communications of internal control related matters identified in EBP audits, management letters, and other internal control communications.

    FASB Accounting Standards Codification(FASB ASC)
    The EBPAQC has prepared this tool to assist members and plan sponsors and administrators in gaining a general understanding of the FASB Accounting Standards Codification™ (FASB ASC).  The document explains how the FASB ASC is organized, how to reference and use the FASB ASC for employee benefit plan accounting and reporting, how the FASB ASC relates to previously issued standards, and how new authoritative accounting and reporting standards will be issued under the FASB ASC.

    ERISA Audit Inventory and Staffing Schedule
    Use this tool to help inventory your ERISA clients and schedule & staff your ERISA audit Engagements.

    Documentation of Use of a Type 2 Service Auditor’s Report in an Audit of an Employee Benefit Plan’s Financial Statements
    The tool is intended to assist members in documenting procedures and findings related to controls at a service organization that are likely to be relevant to the employee benefit plan’s internal control over financial reporting. It focuses on the user auditor’s use of a type 2 report.

    Firm Preparedness Checklist for Employee Benefit Plan Audits
    This checklist was developed by the AICPA as a non-authoritative practice aid to assist member firm designated ERISA audit partners in assessing their firm's preparedness for the ERISA audit season and to enhance the quality of their firm's ERISA audit practice.

    Internal Inspection Tool
    The AICPA Employee Benefit Plan Audit Quality Center has prepared this document to assist you in planning and performing the required annual internal inspection of your firm's ERISA employee benefit plan audit practice.

    Common EBP Audit Deficiencies
    This document is intended to help EBP audit practitioners be alert to these areas and be aware of the related key audit issues.

    RFP and Auditor Evaluation Process Checklist for Plan Sponsors
    This tool can assist plan sponsors and other stakeholders in the request for proposal (RFP) and evaluation process to obtain quality financial statement audit services. It also discusses the RFP evaluation and auditor selection process and how to find an auditor.

    Responding to Requests for Proposals
    The following non-authoritative practice tools were prepared by the AICPA EBPAQC for use by its member firms. The sample documents may be modified and used during a firm's employee benefit plan request for proposal (RFP) process.

    EBPAQC Resources and Tools
    Use this guide as a useful tool for the upcoming audit season.

     

     

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    EBPAQC Common Audit Deficiencies

    Guidance To provide the auditor with a reasonable basis for concluding (a) whether all covered employees have been properly included in employee eligibility records and, if applicable, in contribution reports and (b) whether accurate participant data for eligible employees were supplied to the plan administrator and, if appropriate, to the plan
    Published on March 13, 2014

    EBPAQC Resources and Tools

    Tools The EBPAQC has many valuable resources and tools available to help members. They are provided to members in periodic EAlerts and are also available on the Center’s website.
    Published on February 25, 2014

    DOL EBSA Criminal Case Summaries

    Case Study The AICPA Employee Benefit Plan Audit Quality Center has developed this summary analysis of the U.S. Department of Labor (DOL) Employee Benefit Security Administration’s criminal enforcement actions involving employee benefit plans during the period January 2006 through September 2013 to assist members in their consideration of fraud in
    Published on November 13, 2013

    DOL EBSA Criminal Case Summaries

    Tools The AICPA Employee Benefit Plan Audit Quality Center has developed this summary analysis of the U.S. Department of Labor (DOL) Employee Benefit Security Administration’s criminal enforcement actions involving employee benefit plans.
    Published on November 08, 2013

    DOL EBSA Criminal Case Summaries

    Tools The AICPA Employee Benefit Plan Audit Quality Center has developed this summary analysis of the U.S. Department of Labor (DOL) Employee Benefit Security Administration’s criminal enforcement actions.
    Published on November 08, 2013

    EBPAQC Internal Control Communication Examples

    Sample Report The Center has developed this non-authoritative document to assist Center members in preparing internal control communications to their employee benefit plan clients.
    Published on October 08, 2013

    A Key to EBP Audit Quality Annual Internal Inspections

    Tools Discusses the benefits that member firms can realize from performing annual internal inspections, steps to a successful inspection program, and practical advice on establishing and performing an internal inspection of an ERISA audit practice.
    Published on May 01, 2013

    Responding to a Request for Proposal to Provide Employee Benefit Plan Audit Services

    Tools A non-authoritative document to assist member firms in responding to a Request for Proposal (RFP) to provide EBP audit services. Includes a list of information auditors should obtain and consider before responding, as well as further suggestions for submitting a quality proposal.
    Published on May 01, 2013

    EBPAQC Firm Preparedness Checklist

    Checklist A non-authoritative practice aid to assist EBPAQC member firm designated ERISA audit partners in assessing their firm’s preparedness for the ERISA audit season and to enhance the quality of their firm’s ERISA audit practice.
    Published on February 15, 2013

    FASB Accounting Standards Codification Primer

    Tools Provides a general understanding of the source of authoritative accounting and reporting standards for EBPs under the FASB Accounting Standards Codification™ (FASB ASC).  Explains how the FASB ASC is organized, how to reference and use the FASB ASC for EBP accounting and reporting, how the FASB ASC relates to previously
    Published on May 18, 2012

    Sample Questions For Proposal Evaluation Checklist

    Tools A non-authoritative practice tool to assist Center member firms in evaluating a proposal to provide employee benefit plan audit services prepared by the firm in response to a request for proposal (RFP).
    Published on April 19, 2012

    Sample Proposal Information Form

    Template This sample EBP proposal information form assists member firms in summarizing information contained in a request for proposal (RFP) to provide employee benefit plan audit services, which may be revised for a firm's specific needs.
    Published on April 19, 2012

    Sample Notice That Request for Proposal Was Received Form

    Template A sample notice prepared by EBPAQC to assist member firms in documenting the receipt of a request for proposal (RFP). The practice tool is revisable in Microsoft Word format to meet a firm's specific needs.
    Published on April 19, 2012

    Documentation of Use of a Type 2 Service Auditors Report in an Audit of an Employee Benefit Plans Financial Statements

    Toolkit This non-authoritative tool is intended to assist CPAs auditing the financial statements of employee benefit plans that use one or more service organizations (user auditors).
    Published on March 15, 2012

    DOCUMENTATION OF USE OF A TYPE 2 SERVICE AUDITORS (SAS 70) REPORT

    Checklist The tool is intended to assist members in documenting procedures and findings related to controls at a service organization that are likely to be relevant to the employee benefit plan’s internal control over financial reporting.
    Published on June 14, 2011

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