Breaking Down the New Auditor's Reporting Suite of Standards for ERISA Engagements
This module addresses the reporting for engagements of ERISA plan financial statements, including both non- and section 103(a)(3)(C) audits. From scope and objectives, to forming an opinion on the financial statements themselves, things have changes with SAS Nos. 134 through 140. Get the information you need on the specific requirements for an auditor's report of ERISA plan financial statements.
NASBA Field of Study
Association Engagement and Learning Innovations Team
A new Auditor's Reporting Model for ERISA engagements is here.
AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, addresses the auditor's responsibility to form an opinion on the financial statements of EBPs subject to ERISA. It also addresses the form and content of the auditor’s report issued as a result of an audit of ERISA plan financial statements. AU-C section 703 applies to audits of single employer, multiple employer, and multiemployer plans subject to ERISA and to an audit of a complete set of general purpose financial statements of ERISA plans and is written in that context.
AU-C section 703 also addresses audits of section 103(a)(3)(C) ERISA audits. This module presents guidance for both, layering on the differences when performing a section 103(a)(3)(C) engagement.
Further, the remainder of the Auditor’s Suite of Reporting standards, with the exception of SAS No. 134, Forming an Opinion and Reporting on Financial Statements, also include applicable reporting information for non-ERISA engagements. From the new requirement to report on key audit matters when so engaged to modifications to your auditor report, this course will cover:
- AU-C Section 701, Communicating Key Audit Matters in the Independent Auditor’s Report
- AU-C Section 705, Modifications to the Opinion in the Independent Auditor’s Report
- AU-C Section 706, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report
- AU-C Section 720, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports
- AU-C Section 725, Supplementary Information in Relation to the Financial Statements as a Whole; and
- AU-C Section 730, Required Supplementary Information
Who Will Benefit
Auditors in practice conducting engagements subject to ERISA.
- Reporting on ERISA financial statement engagements.
- Scope, objectives and requirements of AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.
- Other procedures when reporting on a performing a section 103(a)(3)(C) engagement
- Scope and objectives of AU-C section 700, 701, 705, 706, 720, 725, 730
- Identify the concepts contained in recently released standards that have changed the auditor’s reporting process.
- Recall the scope, objectives and auditor’s requirements of AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, with respect to non-section 103(a)(3)(C) plan audits.
- Identify the requirements for forming an opinion on the ERISA plan financial statements and the form and content of the auditors’ report.
- Recall the audit considerations relating to the auditor’s responsibilities for an entity’s Form 5500 filing.
- Identify the special considerations regarding the scope, objectives and auditor’s requirements with respect to an ERISA Section 103(a)(3)(C) audit, including forming an opinion and the form and content of the ERISA section 103(a)(3)(C) auditor’s report.
- Recall the scope and objective of the related other AU-C sections in the Auditor's Reporting Suite of SASs.
Group ordering for your team
The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services. The Association is committed to making professional learning accessible to all. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. For accommodation requests, please contact email@example.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.