Read more about the current Greenbook proposals. ...
This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.
After years of debate, deliberation and revision, it appears the Auditing Standards Board (ASB) is finally set to issue Statement on Auditing Standards (SAS) Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA as a final standard. The ASB has not yet announced when the final standard will be available nor has it determined the effective date.
The following are a few of the significant provisions that are included in the final standard:
Additionally, the proposed auditing standard would have required auditors to perform procedures on specific plan provisions regardless of their assessment of risk as well as include the findings in their auditor’s report. Neither provision was included in the final standard.
As audit requirements become more and more stringent, it is more important than ever that plan sponsors hire a quality audit firm to perform their employee benefit plan audit. Not only does an audit help the plan sponsor carry out its fiduciary responsibility with filing a complete and accurate Form 5500, but an audit may also be useful in identifying operational errors or internal control weaknesses. What are the consequences of not having a quality audit performed? - possible rejection of plan filings by the Department of Labor and fines up to $1,100 per day on deficient filings. Is that a risk worth taking?
Read more about the current Greenbook proposals. ...
Learn more about the regional and national supply chain implications of the Baltimore Key Bridge collapse. ...
We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.
Ask us
[email protected]
p:412.261.3644
f:412.261.4876
[email protected]
p:614.621.4060
f:614.621.4062
[email protected]
p:571.380.9003