Audit Risk Alert: Employee Benefit Plans Industry Developments, 2018

Description

Developed by a task force consisting of current and former employee benefit plan expert panel members, this alert offers a range of topics such as master trust reporting, cybersecurity, new proposed auditor's reports, electronic information, limited-scope certification, and new auditing standards such as PCAOB AS 3101. The increasing complexity of employee benefit plan auditing and increased focus by the DOL have resulted in significant pressure for CPAs and firms performing EBP audits. To help accountants meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist them in identifying current sources of risk within EBP audit engagements. Accountants will find a targeted discussion on new developments, issues auditors may face in their current audits, as well as a look at what's in the pipeline that may affect your engagements. Key benefits of this work include: Coverage of emerging practice issues, including direct versus indirect investment in fully benefit-responsive investment contracts, readily determinable fair value, disclosures for investments in certain entities that calculate NAV per share (or its equivalent), plan expenses, and repurchase agreements An in-depth look at master trust reporting, electronic information and the new PCAOB auditing standard AS 3101 Analysis of high risk areas specific to defined benefit pension plans, such as pension benefit guaranty corporation premiums and reporting, demographic and economic assumptions, and pension risk management Current developments on health and welfare plans, including health care reform and its effect on employee benefit plans Up-to-date information on regulatory development from both the DOL and IRS   Content: Intro Title Page Copyright Not-for-Profit Entities Industry Developments-2018 How This Alert Helps You Economic and Industry Developments The Current Economy Hot Topics Cybersecurity Auditing Standards Board Employee Benefit Plan Auditor Reporting Project Accounting Issues and Developments Direct Versus Indirect Investment in Fully Benefit-Responsive Investment Contracts Readily Determinable Fair Value ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) Disclosures When a New FASB Codification Update Is IssuedASU No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (A Consensus of the Emerging Issues Task Force) Auditing Issues and Developments Plan Sponsor System-Generated Information and Reports Use of Outside Service Provider System-Generated Information and Reports Trends in Legal Action Employee Benefit Plan Guide Update Form 11-K Filers PCAOB AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified OpinionOther Amendments to PCAOB Standards Auditing Interpretation No. 4 to AU-C Section 700 Defined Benefit Pension Plans IRS Mortality Assumption Changes FASB ASC 960 Expected Long-Term Rate of Return Continued Adoption of Cash Balance Plans PBGC Premiums Health and Welfare Benefit Plans Economic and Demographic Assumptions Other Assumptions Retiree Reimbursement Account or Arrangement Audit Quality AICPA Peer Review Enhanced Oversight Program-Findings That Led to Nonconforming EngagementsPreparing for Peer Review Tools to Further Audit Quality Recent Pronouncements Recent Auditing and Attestation Pronouncements and Related Guidance Recent Accounting Standards Updates Recently Issued Technical Questions and Answers Regulatory Developments-DOL 2017 Form 5500 Annual Report The DOL Extends Transition Period for Fiduciary Rule Exemptions Regulatory Developments-IRS IRS Announces 2018 Pension Plan Limitations 401 (k) Contribution Limit Increases to 18,500 for 2018 Mortality Tables for Pension Plans Updated for 2018Disaster Tax Relief For Retirement Plans Retirement Plans Can Make Loans and Hardship Distributions to Victims of Hurricanes Maria, Irma, and Harvey IRS Updates Procedures for Issuing Opinions on Preapproved Plans IRS Issues New Guidance on Hardships Required Amendments From the IRS Tax Reform's Effect on ESOPs PBGC Expanded Missing Participants Program IRS Extends Relief to Frozen Defined Benefit Pension Plans Regulatory Developments-Multiemployer Plans Multiemployer Pension Reform Act of 2014 Benefit Suspension On the Horizon