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 August 1, 2020. Josie Hammond, RSM’s National Director of Employee Benefit Plan Services and chair of the AICPA Employee Benefit Plans Expert Panel, is acknowledged for her contributions as the chair of the 2020 Audit Guide Revision Task Force.
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. The August 1, 2020 version of the guide reflects the issuance of Statements on Auditing Standards (SAS) 134 through 140, which implement a new auditor reporting model and are effective for audits of periods ending on or after December 15, 2021 as a result of SAS 141. Under SAS 141, early implementation was permitted.