Conditions for plan management to elect an ERISA Section 103(a)(3)(C) audit
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Conditions for plan management to elect an ERISA Section 103(a)(3)(C) audit

7 months ago · 63.8 KB Download

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This EBPAQC tool is intended to assist plan management in assessing whether the conditions for electing an ERISA Section 103(a)(3)(C) audit have been met.

The tool provides background information on the ERISA Section 103(a)(3)(C) audit election and obtaining a proper certification from a qualified institution and allows plan management to document its assessment of whether:

  • The investment information is prepared and certified by a qualified institution

  • Whether the certification is signed by an authorized representative

  • The qualified institution certified both completeness and accuracy of investment information

  • The certification includes qualifying language, or the related reporting package includes language that may call into question whether the certification meets the requirements of the regulation

  • The certified investment information is appropriately measured

  • Plan management’s overall conclusion

The tool is intended to be completed by plan management for the auditor’s use in evaluating management’s assessment as required by AU-C section 703.

Download the Conditions for plan management to elect an ERISA Section 103(a)(3)(C) audit

File name: erisa-103a3c-certification-assessment-tool.docx

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