In July 2019, the AICPA Auditing Standards Board (ASB) issued 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 has been codified in AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, of AICPA Professional Standards and amended by various other SASs subsequent to its issuance. The EBP SAS, as amended, 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. AU-C section 703 of AICPA Professional Standards contains the most up-to-date version of SAS No. 136, as amended. Here are answers you need that will help you gain a better understanding of this new SAS.
SAS No. 136 was most recently amended by SAS No. 141, Amendment to the Effective Dates of SAS Nos. 134—140, and is effective for audits of ERISA plan financial statements for periods ending on or after December 15, 2021. This means that 2021 year-end audits being performed in 2022 will be required to follow the performance and reporting requirements in AU-C section 703, including using the new form of the auditor’s report.