The American Institute of Certified Public Accountants (AICPA) publishes annual revised versions of the Employee Benefit Plans Accounting and Auditing Guide (A&A Guide). This publication isn’t just available to plan auditors. Plan administrators, fiduciaries and plan management may also find valuable information in the publication. The A&A Guide states that it has been developed to “assist management of employee benefit plans in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles (GAAP) and to assist practitioners in performing and reporting on their audit engagements.” The A&A Guide is not all-inclusive of every matter that an employee benefit plan and plan administrator may encounter, but it does provide guidance on matters that the AICPA feels may be helpful to a wide range of audiences.
An Audit Risk Alert, specifically designed to address employee benefits plans, is also issued annually. The audit risk alert is designed to provide an even more detailed description of current trends and risks in the industry, discussing economic and industry developments, legislation and regulations, in addition to the accounting and auditing developments.
This year’s publications should be available soon with revisions for new accounting and auditing standards and current trends and risks in the employee benefit plan industry that plan administrators, fiduciaries and plan management should consider during the reporting period that is approaching.
The AICPA encourages users of the A&A Guide to visit its website at www.aicpa.org and the Financial Reporting Center at www.aicpa.org/FRC.
Visit the AICPA’s website for current publications related to the employee benefit plans at http://www.aicpa.org/Publications/AccountingAuditing/KeyTopics/Pages/EmployeeBenefitPlans.aspx.
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