The At a Glance about SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, provides a high-level summary about how this SAS impacts generally accepted auditing standards (GAAS). It summarizes how SAS No. 136 creates AU-C section 703 (the foundational standard that addresses the auditor’s responsibility to form an opinion on the ERISA plan financial statements and prescribes the form and content of the auditor’s report for ERISA plan audits) in AICPA Professional Standards and enhances the quality of employee benefit plan audits by specifically addressing
Audit risk assessment and response, including the auditor’s consideration of relevant plan provisions,
Communications of reportable findings with those charged with governance, and
The auditor’s responsibilities relating to the ERISA-required supplemental schedules and the Form 5500.