Audit and Accounting Guide: Employee Benefit Plans

Considered the industry standard resource, this guide provides practical guidance, essential information and hands-on advice on the many aspects of accounting and authoritative auditing for employee benefit plans. This new 2016 edition is packed with information on new requirements — including the simplification of disclosure requirements for investments in certain entities that calculate net asset value per share (or its equivalent), the simplification of disclosures for fully benefit-responsive investment contracts, plan investment disclosures, and measurement date practical expedient, and a new employee stock ownership plans chapter that includes both accounting and auditing.

Table of Contents:
1 Introduction and Background .01-.37 2 Planning and General Auditing Considerations .01-.141 2 Planning and General Auditing Considerations—continued Using the Work of a Specialist .65-.94 3 Audit Risk Assessment .01-.71 4 Internal Control .01-.28 5 Defined Contribution Retirement Plans Including Employee Stock Ownership Plans .01-.801 5A Defined Contribution Retirement Plans .01-.399 5A Defined Contribution Retirement Plans—continued Determining Audit Strategy .204-.207 5B Employee Stock Ownership Plans .400-.801 5B Employee Stock Ownership Plans—continued Cash Balances .437 5B Employee Stock Ownership Plans—continued Plan Expenses .663 6 Defined Benefit Pension Plans .01-.200 6 Defined Benefit Pension Plans—continued Other Receivables .165-.167 7 Health and Welfare Benefit Plans .01-.242 7 Health and Welfare Benefit Plans—continued Postretirement Benefit Obligations .111-.124 8 Investments .01-.173 8 Investments—continued The Investment Manager or Adviser .09 8 Investments—continued Audit Procedures for Certain Plan Investments .129-.162 9 Plan Tax Status .01-.30 10 Concluding the Audit and Other Auditing Considerations .01-.40 11 The Auditor’s Report .01-.90 11 The Auditor’s Report—continued 401(k) Plan (U.SGAAP) .25 11 The Auditor’s Report—continued Omitted Schedule Required Under DOL Regulations in a Limited-Scope Engagement .78 Appendix A ERISA and Related Regulations B Examples of Controls C Illustrations of Financial Statements: Defined Contribution Retirement Plans D Illustrations of Financial Statements: Employee Stock Ownership Plans E Illustrations of Financial Statements: Defined Benefit Pension Plans F Illustrations of Financial Statements: Health and Welfare Benefit Plans G Consideration of Fraud in a Financial Statement Audit H Guidance Updates I Schedule of Changes Made to the Text From the Previous Edition Glossary Index of Pronouncements and Other Technical Guidance Subject Index

About the Author :
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession’s technical and ethical standards. The AICPA’s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.