How to Guides

Hiring a Quality EBP Financial Statement Auditor

December 3, 2014

The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has prepared the Plan Advisory, The Importance of Hiring a Quality Firm to Perform Your Employee Benefit Plan Audit, to assist plan sponsors, plan administrators, and trustee with an understanding of the importance of hiring a quality auditor to perform their employee benefit plan financial statement audit.…

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Understanding Auditor Communications

January 31, 2014

The AICPA Employee Benefit Plan Audit Quality Center has prepared this advisory to assist you as a plan sponsor, plan administrator, trustee, audit committee, employee benefit plan committee, administrative committee, or investment committee in better understanding the various communications that may be initiated by your plan auditor. This advisory discusses: An overview of auditor communications Auditor’s communication with those charged with…

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Employee Benefit Plans — Financial Statement Audits

January 31, 2014

An independent audit of the financial statements of an employee benefit plan are often required when your plan meets certain criteria. As a plan sponsor, administrator or trustee, understanding your requirements and the process involved is important to your fiduciary responsibilities. This guide describes the roles and responsibilities of individuals involved in: The plan’s financial…

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Valuing and Reporting Plan Investments

January 31, 2014

As a plan fiduciary, you are subject to certain responsibilities, and with these responsibilities come potential liability. Fiduciaries who do not follow the ERISA standards of conduct may be personally liable to restore any losses to the plan arising from inaccurate estimates of investment values. Investments are the most significant assets in a benefit plan.…

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Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions

January 31, 2014

As a plan sponsor, administrator or trustee, it is important to understand the benefits of establishing an effective monitoring program to oversee service organizations that perform recordkeeping and reporting functions for your employee benefit plan. A plan may use several service organizations such as trustees, custodians, investment managers and recordkeepers to perform various functions on…

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The Importance of Internal Control in Financial Reporting and Safeguarding Plan Assets

January 31, 2014

The AICPA Employee Benefit Plan Audit Quality Center has prepared this advisory to assist you as a plan sponsor, administrator, or trustee in understanding how internal control over financial reporting is critical to your plan. As a plan sponsor, administrator, or trustee, you are considered a fiduciary under ERISA. As such, you are subject to…

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