Learning About the New Employee Benefit Plan Auditing Standard — Questions and Answers

May 8, 2019

In July 2019, the AICPA Auditing Standards Board (ASB) issued as a final standard,  Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (EBP SAS). The EBP SAS prescribes certain new performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA), and changes the form and content of the related auditor's report. It should not be adapted for plans that are not subject to ERISA. SAS No. 136 can be viewed on the AICPA’s website under recently issued standards.

Here are answers that will help you need gain a better understanding of this new SAS.