This Employee Benefit Plan Audit Quality Center (EBPAQC) advisory provides plan management (the plan sponsor, administrator, or trustee) with an understanding of the changes to audits of employee benefit plan financial statements subject to the Employee Retirement Income and Security Act (ERISA) following the issuance of Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended. SAS No. 136 does not apply to plans not subject to ERISA, such as plans sponsored by governmental entities.
This plan advisory discusses:
The purpose of the new audit standards for employee benefit plans
When the changes be effective
Highlights of significant changes in the new standard
How the changes affect plan management
New form of auditor’s reports