The AICPA's Employee Benefit Plan Audit Quality Center recently issued a Plan Advisory, Employee Benefit Plans--Financial Statement Audits, which is intended to assist plan sponsors, plan administrators, and trustees to better understand the independent audit of the financial statements of an employee benefit plan. The Advisory describes the roles and responsibilities of individuals involved in the plan's financial reporting and audit process, and the purpose, objectives, and benefits of a financial statement audit. The advisory also discusses audit scope, general audit matters common to all audits, the audit process, the auditor's report, and what plan management can do to assist in the audit process.
A free copy of The Advisory can be found here.
Legacy Partner Eileen E. Brassil, CPA, CFE, serves on the AICPA Employee Benefit Plan Audit Quality Center Executive Committee.