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.
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