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Audit Risk Alert: Employee Benefit Plans Industry Developments, 2017

Audit Risk Alert: Employee Benefit Plans Industry Developments, 2017

AICPA

ISBN: 978-1-945-49873-2

Sep 2017

80 pages

$39.99

Description

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 Improvements
  • 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
  • FASB ASU No. 2017-06, Employee Benefit Plan Master Trust Reporting
  • FASB ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

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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