ERISA 103(a)(3)(C) Audit Standard: Limited Scope Audit and Reducing Disclaimers
SAS 136: Audit Performance and Disclosure Duties, Evaluating Qualified Investment Information
Recording of a 110-minute CPE webinar with Q&A
This course will provide audit professionals and employee benefit plan (EBP) sponsors with a critical analysis of AICPA Statements on Audit Standard (SAS) 136, with a particular focus on ERISA Section 103(a)(3)(C) audit rules and the alteration of the prior limited scope audit provisions. The panel will provide an in-depth discussion of the additional requirements imposed on auditors and plan sponsors.
Outline
- Statement on Auditing Standards (SAS) 136
- ERISA Section 103(a)(3)(C) audit as a significant change to prior "limited scope audit"
- Duties to obtain management representations regarding investment information scope and certifying entity
- Assessing disclosures related to certified investment information
- Duties when an auditor becomes aware of deficiencies, inaccuracies, or incompleteness of certified investment information
- Duties to render an opinion on financial statement matters not directly relating to the certified investment information, including non-certified investment information and disclosures
- Other SAS 136 provisions
- Engagement acceptance requirements
- Provisions on risk assessment
- Duty to communicate with management or parties responsible for plan governance
- Receipt and examination of "substantially complete" Form 5500 before completion of a report
- Performance procedures
- The requirement to obtain management representations
- Implementation of new standards
Benefits
The panel will discuss these and other critical issues:
- How the ERISA Section 103(a)(3)(C) audit structure changes the practice of "limited scope audits" where plan managment elects to have certified plan investment information excluded from the plan audit
- Limited circumstances under which an auditor may issue a disclaimer and what information the auditor must obtain
- Auditor duties to examine the substantially complete Form 5500 as part of the audit
Faculty
![Kanter, Jessie](/img/t/b37d5983d3ea94000b0f85a3f9d8e9f2.jpg)
Jessie T. Kanter, CPA
Partner
Citrin Cooperman
Ms. Kanter has nearly 20 years of accounting experience, including audit and review services for privately held... | Read More
Ms. Kanter has nearly 20 years of accounting experience, including audit and review services for privately held companies in various industries.
Close![Nahorney, Janet](/img/t/61841c9e2b11264d86f9f5122af83f9d.jpg)
Janet Nahorney, CPA
Partner
Blum Shapiro
Ms. Nahorney specializes in the planning, designing and auditing of qualified retirement plans and employee welfare... | Read More
Ms. Nahorney specializes in the planning, designing and auditing of qualified retirement plans and employee welfare plans for privately held businesses.
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