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In April 2017, the Audit Standards Board (ASB) issued an exposure draft of the Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The proposed SAS was issued in response to the May 2015 report from the Department of Labor (DOL) that found nearly 40% of all employee benefit plan audits contained one or more major deficiencies. The new auditing standard was designed to enhance the quality of employee benefit plan audits and to strengthen the auditor’s report.
Once issued final, the new auditing standard is expected to be effective no earlier than for audits of financial statements for periods ending on or after December 15, 2020. Early adoption is not permitted. The new auditing standard does include transitional implementation guidance in year of adoption. Based on the ASB’s final issuance of its proposed SAS, Auditor Reporting, certain confirming amendments to the auditor’s report may be required. The audit reporting standard is expected to be finalized during the first half of 2019.
The new standard includes requirements for all phases of an employee benefit plan audit, including engagement acceptance, risk assessment and response, communication with those charged with governance, audit procedures and reporting.
Some of the more significant changes and/or provisions included in the new auditing standard are:
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