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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
The AICPA Auditing Standards Board recently voted to defer the effective date of Statements on Auditing Standards (SAS), including SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, in response to the COVID-19 pandemic.
In July 2019, the Board issued a final SAS prescribing certain performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the related auditor’s report. Aimed at improving the quality over employee benefit plans, the standard added audit requirements related to:
Initially, the effective date of ERISA plan financial statements was for periods ending on or after Dec. 15, 2020. With this delay, the new effective date is for audits of financial statements for periods ending on or after Dec. 15, 2021. Early implementation is allowed as of the original effective date.
Doeren Mayhew’s employee benefit plan auditors can assist you in implementing this new standard either next year or through early adoption this year. Contact us when you are ready to get started.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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