AICPA issues TQAs on considering plan provisions

May 18, 2023
Financial reporting AICPA matters Audit Employee benefit plans

The American Institute of Certified Public Accountants (AICPA) has issued the following Technical Questions and Answers (TQAs) on auditing employee benefit plans to assist the auditor in designing and performing audit procedures in relation to relevant plan provisions that affect the risk of material misstatement for classes of transactions, account balances and disclosures (COTABDs) (ref. AU-C 703.20):

The TQAs provide nonauthoritative guidance on implementing the requirement in paragraph .20 of AU-C 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, which requires the auditor to consider relevant plan provisions that affect the risk of material misstatement at the relevant assertion level for COTABDs.

RSM provides updated guidance for board members and audit committees serving public and private companies

Latest insights

For too many boards, the audit committee remains a catch-all for issues that don’t­ seem to fit. Directors share strategies for challenging the status quo.­

Ideas and analysis

Stay on top of changes and updates to financial reporting with help from our accounting thought leaders.

Webcast series

Each quarter, our leaders update businesses on recently issued and proposed accounting guidance.

Subscribe to Financial Reporting Insights

Stay informed with our biweekly resource for recent financial reporting developments, including AICPA, SEC, PCAOB matters and other finance and accounting compliance considerations.