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AICPA develops new benefit plan auditing standards

Tammy Whitehouse | January 17, 2019

With new professional standards soon to be finalized, auditors are working on a plan to improve the quality of employee benefit plan audits.

The Auditing Standards Board at the American Institute of Certified Public Accountants is preparing to finalize a statement on auditing standards that is meant to beef up the auditor’s responsibilities when issuing an opinion on benefit plans subject to the Employee Retirement Income Security Act of 1974. Where the assets in a public company’s benefit plan are based in stock, the plan is likely also subject to the standards of the Public Company Accounting Oversight Board, says Beth Garner, assurance partner and national practice leader for employee benefit plan audits at BDO USA.

The AICPA’s proposed new standard includes new requirements for auditors to accept engagements and new...

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