EMPLOYEE BENEFIT PLAN FINANCIAL AUDIT
The American Institute of Certified Public Accountants’ auditing standard SAS 136 places heavy demands on a benefit plan sponsor’s workload while adding more potential liability.
Audit Preparation Gets More Challenging
The U.S. Department of Labor’s enforcement arm, the Employee Benefits Security Administration (“EBSA”) in 2015 examined the quality of audits performed by independent CPAs.
The EBSA uncovered significant shortcomings in auditing procedures and reporting. Auditing standard SAS 136 is the CPA association’s effort to address some of the issues found in the EBSA examinations.
SAS 136 intends to enhance the quality of audits of ERISA plans by adding new procedures to CPAs’ audits beginning December 15, 2021. The burden for producing the added plan-related documentation required will likely fall to the plan administrator and human resources.
Support that Simplifies and Lightens the Load on Human Resources
Our plan operations team’s IQ delivers high-quality service. The results? We streamline data gathering, free your personnel from the distractions of an audit, ensure accuracy, and relieve stress.
Ask us about what we’ve learned early in your plan’s accounting year. We’ll help you get ready so you can stay ahead of the curve and enjoy peace of mind.
