OUR THOUGHTS ON:

Resources Available to Plan Administrators and Others

ERISA

By Brian Matthews

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.    

© 2014 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments