Rights Contact Login For More Details
More About This Title Audit Risk Alert: Employee Benefit Plans IndustryDevelopments, 2017
English
The increasing complexity of employee benefit plan auditing and increased focus by the DOL have resulted in significant pressure for CPAs and firms performing EBP audits. To help CPAs meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist in identifying current sources of risk within EBP audit engagements. A targeted discussion on new developments, issues auditors may face in their current audits, as well as a look at what’s in the pipeline that may affect their engagements is provided. Updates include:
FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)FASB ASU No. 2015-10, Technical Corrections and ImprovementsFASB ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (part I) Fully Benefit-Responsive Investment Contracts, (part II) Plan Investment Disclosures, (part III) Measurement Date Practical ExpedientFASB ASU No. 2017-06, Employee Benefit Plan Master Trust ReportingFASB ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial LiabilitiesEnglish
Employee Benefit Plans Industry Developments—2017 01-212
How This Alert Helps You 01-03
Economic and Industry Developments 04-09
The Current Economy 04-09
Hot Topics 10-17
Cybersecurity 10-13
Auditing Standards Board Employee Benefit Plan Auditor Reporting Project 14-17
Accounting Issues and Developments 18-63
Readily Determinable Fair Value 18-22
Disclosures When a New FASB Codification Update Is Issued 23-24
FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) 25-.29
FASB ASU No. 2015-12, Plan Accounting: Defined
Benefit Pension Plans (Topic 960), Defined
Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (part I) Fully Benefit-Responsive Investment Contracts,(part II) Plan Investment Disclosures,(part III) Measurement Date Practical Expedient 30-50
FASB ASU No. 2017-06, Employee Benefit Plan Master Trust Reporting 51-57
FASB ASU No. 2016-01—Financial Instruments Changes in Disclosure Requirements 58-62
FASB ASU No. 2016-19, Technical Corrections and Improvements 63
Auditing Issues and Developments 64-84
Electronic Information 64-70
Trends in Legal Action 71-73
Limited-Scope Certifications: Plan Administrator’s Responsibilities 74-78
New Auditing Standard on Going Concern 79-84
Employee Benefit Plan Guide Update 85
11-K Filers 86-88
Name of the Engagement Partner 86-87
Reorganization of PCAOB Auditing Standards 88
Defined Benefit Pension Plans 89-119
Spot Rate Approach: Applicability for Plans Reporting under FASB ASC 960 90-91
Mortality Table 92-93
Accumulated Plan Benefits 94-99
Multiemployer Pension Reform Act of 2014 Benefit Suspension 100-102
Pension Risk Management 103-104
Participant Data and Frozen Plans 105-109
Maintaining Pertinent Records 110-116
Terminating Plans 117-119
Health and Welfare Benefit Plans 120-138
Economic and Demographic Assumptions 121-134
Other Assumptions 135
Retiree Reimbursement Account/Arrangement 136-138
Audit Quality 139-147
Tools to Further Audit Quality 139-142
Preparing for Peer Review 143-147
Recent Pronouncements 148-151
Recent Auditing and Attestation Pronouncements and Related Guidance 149
Recent Accounting Standards Updates 150
Recently Issued Technical Questions and Answers 151
Regulatory Developments—DOL 152-162
DOL ERISA Advisory Council Activities 152-154
2016 Form 5500 Annual Report 155
DOL Letters to Employee Benefit Plan Auditors Rounds Out Communication Plan to Help Improve Audit Quality 156-159
Change in Leadership within the Office of the Chief Accountant 160-162
Regulatory Developments—IRS 163-184
Determination Letters Downsizes 163-167
Employer Profit-Sharing Contributions 168-170
Changes in the Employee Plans Compliance Resolution System 171
IRS Audit Trends 172-173
Puerto Rico Plans 174-75
IRS Announces 2017 Plan Limits 176
Proposed Form 5500 Changes 177-178
IRS Extends Nondiscrimination Relief for Closed DB Plans 179
Partial Annuities 180
Expanded Missing Participant Program 181-183
IRS "Top Ten" List of Most Common Retirement Plan Issues 184
On the Horizon 185-191
Auditing and Attest Pipeline 187-190
Proposed Revised Mortality Tables 191
Employee Benefit Plan Resources 192-210
AICPA Employee Benefit Plan Audit Certificate Programs 193-194
Publications 195
Continuing Professional Education 196-197
Webcasts 198
Member Service Center 199
Hotlines 200-201
AICPA Online Professional Library: Accounting and Auditing Literature 202
Codified Clarity Standards 203-205
Financial Reporting Center of AICPA.org 206-208
Industry Conferences 209-210
Appendix A—Additional Internet Resources 211
Appendix B—Health and Welfare Plans 212
