SAS No. 136 (AU-C section 703) resource center
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SAS No. 136 (AU-C section 703) resource center

8 months ago · 2 min read

The Center has compiled tools and resources to assist members and plan clients in implementing SAS No. 136 Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended (EBP standard). Codified in new AU-C section 703 of the AICPA Professional Standards, the EBP standard addresses the auditor’s responsibility to form an opinion and report on the audit of financial statements of employee benefit plans subject to ERISA, and the form and content of the auditor’s report issued as a result of an audit of ERISA plan financial statements. SAS No. 141 deferred the effective date of SAS No. 136 to audits of ERISA plan financial statements for periods ending on or after December 15, 2021, with early implementation permitted.

AICPA resources

AICPA 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 and addresses the form and content of the auditor's report issued as a result of an audit of ERISA plan financial statements.

At a Glance, New auditing standards for employee benefit plans, provides a brief overview of the EBP SAS.

Learning About the New Employee Benefit Plan Auditing Standard — Questions and Answers, includes FAQs to provide practitioners a better understanding of the EBP SAS.

The Employee Benefit Plans Industry FAQ with Illustrative Auditor’s Reports for Initial Year of Implementation of SAS No. 136, as Amended, document has been developed to aid practitioners as they apply AICPA Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended, in their audits of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) in the initial year of implementation.

EBPAQC tools

Audit Advisory on SAS No. 136
This tool provides an overview of the new EBP SAS requirements for auditors who perform audits of financial statements of employee benefit plans subject to ERISA.

Client discussion tool on SAS No. 136, “Changes are coming to your benefit plan audit”
This tool assist auditors in talking to plan clients about SAS No. 136.

New Audit Standards for Employee Benefit Plans: An Overview for Plan Management Plan Advisory
This tool provides plan management (the plan sponsor, administrator, or trustee) with an understanding of new audit requirements in SAS No. 136 for performing and reporting on an audit of employee benefit plan financial statements subject to ERISA.

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