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Audit and Accounting Guide: Employee Benefit Plans

ISBN: 978-1-943546-47-3
864 pages
November 2016
Audit and Accounting Guide: Employee Benefit Plans (1943546479) cover image

Description

Considered the industry standard resource, this guide provides practical guidance, essential information and hands-on advice on the many aspects of accounting and authoritative auditing for employee benefit plans.

This new 2016 edition is packed with information on new requirements — including the simplification of disclosure requirements for investments in certain entities that calculate net asset value per share (or its equivalent), the simplification of disclosures for fully benefit-responsive investment contracts, plan investment disclosures, and measurement date practical expedient, and a new employee stock ownership plans chapter that includes both accounting and auditing.

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Table of Contents

1 Introduction and Background .01-.37

2 Planning and General Auditing Considerations .01-.141

2 Planning and General Auditing Considerations—continued Using the Work of a Specialist .65-.94

3 Audit Risk Assessment .01-.71

4 Internal Control .01-.28

5 Defined Contribution Retirement Plans Including Employee Stock Ownership Plans .01-.801

5A Defined Contribution Retirement Plans .01-.399

5A Defined Contribution Retirement Plans—continued Determining Audit Strategy .204-.207

5B Employee Stock Ownership Plans .400-.801

5B Employee Stock Ownership Plans—continued Cash Balances .437

5B Employee Stock Ownership Plans—continued Plan Expenses .663

6 Defined Benefit Pension Plans .01-.200

6 Defined Benefit Pension Plans—continued Other Receivables .165-.167

7 Health and Welfare Benefit Plans .01-.242

7 Health and Welfare Benefit Plans—continued Postretirement Benefit Obligations .111-.124

8 Investments .01-.173

8 Investments—continued The Investment Manager or Adviser .09

8 Investments—continued Audit Procedures for Certain Plan Investments .129-.162

9 Plan Tax Status .01-.30

10 Concluding the Audit and Other Auditing Considerations .01-.40

11 The Auditor’s Report .01-.90

11 The Auditor’s Report—continued 401(k) Plan (U.SGAAP) .25

11 The Auditor’s Report—continued Omitted Schedule Required Under DOL Regulations in a Limited-Scope Engagement .78

Appendix

A ERISA and Related Regulations

B Examples of Controls

C Illustrations of Financial Statements: Defined Contribution Retirement Plans

D Illustrations of Financial Statements: Employee Stock Ownership Plans

E Illustrations of Financial Statements: Defined Benefit Pension Plans

F Illustrations of Financial Statements: Health and Welfare Benefit Plans

G Consideration of Fraud in a Financial Statement Audit

H Guidance Updates

I Schedule of Changes Made to the Text From the Previous Edition

Glossary

Index of Pronouncements and Other Technical Guidance

Subject Index

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Author Information

Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession’s technical and ethical standards.

The AICPA’s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.

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