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• W79089338 abstract "Being informed can help CPAs avoid costly mistakes. Given the increasing attention and risks associated With employee benefit plan audits, there is a continuing need for guidance for plan auditors. Some of the questions that members of the American Institute of CPAs employee benefit plans committee and institute staff are asked most frequently are answered below. Many relate to issues identified as problem areas by the Department of Labor (DOL) during its recent review of selected 1992 employee benefit plan audit engagements. (See Warning for CPAs on Employee Benefit Plan Audits, on page 55.) THE MOST COMMON QUESTIONS Q: Which entity--the plan or the trust--must be audited under the Employee Retirement Income Security Act? A: While some trust activity must be audited in any plan audit, the audit report must be on the plan, not on the trust. For example, if several plans are funded through a single master trust, each plan that meets ERISA's audit requirements (generally, funded plans with 100 or more participants as of the beginning of the. plan year) must be audited and a report issued. A sole audit report on the master trust with separate columns for each plan's financial information will not satisfy ERISA's audit requirements. Q: Can a plan report detailed master trust information in its financial statements in lieu of submitting a separate master trust filing with the DOL? A: No. DOL regulations require that a separate master trust filing be submitted to the DOL. Q: Do plan auditors have to issue a report on a master trust's financial statements? A: No, the master trust's financial statements do not have to be audited. However, the auditors of the plan generally will have to audit certain master trust activity in order to express an opinion on any related plan's financial statements. Q: Can the plan meet the generally accepted accounting principles disclosure requirements for master trust information by attaching a copy of the master trust's filing? A. No, the required summary master trust disclosures, as described in paragraphs 2.28 and 3.27 of the AICPA Audit and Accounting Guide Audits of Employee Benefit Plans must be included in the notes of the applicable plans' financial statements. Q: Do plans have to report fund information in a participant-directed plan funded via a master trust? A: Yes, GAAP requires disclosure of certain fund information by participant-directed and nonparticipant-directed accounts. Q: Which institutions may certify investment information under ERISA's limited-scope audit exception (ERISA section 103)? A: Banks, insurance companies, trust companies and certain other financial institutions subject to regular and periodic examination by a state or federal agency may do this. As a result, mutual fund companies, broker-dealers and selected other entities (such as associations) generally are not eligible for this statutory scope exception unless they have set up a separate trust company or other eligible institution with custody of any related ERISA plan assets. The DOL has proposed legislation, which the AICPA supports, to eliminate the current ERISA limited-scope audit exception. Q: Does ERISA's limited-scope audit exception apply to benefit payments and plan administrative expenses if the trustee certifies such information? A: No, the exception applies only to investment. related information that is certified both as to completeness and accuracy by an eligible institution; Q: Should auditors extend the scope of their testing to include functions performed by certain third-party service organizations (such as welfare plan claims administrators and savings plan administrators) when Conducting a DOL limited-scope audit? A: Yes. However, the limited-scope exception does not apply to certain areas that need to be examined in connection with any generally accepted auditing standards audit, including ERISA limited-scope audits (for example, benefit payments and administrative expenses). …" @default.
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• W79089338 title "Employee Benefit Plan Audit Answers" @default.
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