Large 401k Plan auditor

What is the Effect of Prohibited Transactions on the EBP Audit Opinion?

Posted by Maria T. Hurd, CPA, RPA The Truth Will Set You Free, but First, It Will Make You Miserable   When it comes to reporting prohibited transactions (PT) with parties-in-interest, it’s better to come clean, confess, and report on the supplementary schedules to the audited financial statements than to deny any wrongdoing. Withholding information results in inaccurate supplementary schedules, … Continued

Large 401k Plan auditor

The New EBP Audit Standard: Is Making Old Rules New Again Effective?

Posted by Maria T. Hurd, CPA, RPA A new auditing standard (expected to be issued in 2019), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“Audit Standard” or “EBP SAS”) would be effective for audits performed starting in 2021 for plans with financial statement periods ending on or after December 15, 2020. Early … Continued

Large 401k Plan auditor

How will the new audit standard affect plan sponsors? – The Engagement Letter

Posted by Maria Hurd, CPA, RPA Updated May 22, 2019 First Things First: The Engagement Letter   The new audit standard, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, effective for plan years ending on or after December 15, 2020, will require certain management representations as a pre-condition for engagement acceptance. Specifically, auditors … Continued

Defined Contribution Plan Auditor

Almost There – Part II

In my last blog, Almost There: Moving Closer to the New EBP Audit Standard , I gave a brief background on what led to SAS 13X – Statement on Auditing Standards Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“Final Balloted Draft”) and its proposed changes to the audit report.