United States

Audit & Accounting Guide for employee benefit plans updated

FINANCIAL REPORTING INSIGHTS  | 

The American Institute of Certified Public Accountants (AICPA) Audit & Accounting Guide, Employee Benefit Plans, was updated as of January 1, 2017. Josephine Hammond, RSM’s National Director of Employee Benefit Plan Services and a member of the AICPA Employee Benefit Plans Expert Panel, is acknowledged for her contributions as the chair of the 2017 Audit Guide Revision Task Force. Rick Day, RSM’s National Director of Accounting, also is acknowledged in the guide as a member of the AICPA Financial Reporting Executive Committee.

The guide is directed primarily to those aspects of the preparation and audit of financial statements that are unique to employee benefit plans or are considered particularly significant to them. As such, this guide is an important resource for plan fiduciaries and those who are responsible for the preparation or oversight of a benefit plan’s financial statements, as well as their auditors. This guide also is useful to organizations that provide services for a benefit plan, particularly when those services impact financial reporting.

Among other revisions, the 2017 edition includes expanded auditing content related to related parties, parties in interest, plan transfers and changes in service providers. The guide is available for purchase from the AICPA Store in paperback or eBook formats or as an online subscription.