AICPA issues TQAs on considering plan provisions
ARTICLE | May 18, 2023
Authored by RSM US LLP
The American Institute of Certified Public Accountants (AICPA) has issued the following Technical Questions and Answers (TQAs) on auditing employee benefit plans to assist the auditor in designing and performing audit procedures in relation to relevant plan provisions that affect the risk of material misstatement for classes of transactions, account balances and disclosures (COTABDs) (ref. AU-C 703.20):
- TQA 6933.13, Background to Sections 6933.14 – .17
- TQA 6933.14, When a Plan Provision is Considered “Relevant” in Accordance With AU-C 703
- TQA 6933.15, Testing of Plan Provisions in Accordance With AU-C 703
- TQA 6933.16, Documenting the Auditor’s Consideration of Plan Provisions
- TQA 6933.17, Deciding to Test Other Plan Provisions
The TQAs provide nonauthoritative guidance on implementing the requirement in paragraph .20 of AU-C 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, which requires the auditor to consider relevant plan provisions that affect the risk of material misstatement at the relevant assertion level for COTABDs.
Let’s Talk!
Call us at (325) 677-6251 or fill out the form below and we’ll contact you to discuss your specific situation.
Source: RSM US LLP.
Reprinted with permission from RSM US LLP.
© 2024 RSM US LLP. All rights reserved. https://rsmus.com/insights/financial-reporting/aicpa-issues-tqas-on-considering-plan-provisions.html
RSM US LLP is a limited liability partnership and the U.S. member firm of RSM International, a global network of independent assurance, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmus.com/about for more information regarding RSM US LLP and RSM International.
In a world of numbers and bottom-line solutions, it’s easy to overlook that success in business is really about relationships. At Condley & Company, L.L.P, we’re proud to have many long-standing clients in Abilene, TX, and the surrounding area. Our founders and partners have instilled in the firm a culture that offers accounting services with a personalized approach. With every client we serve, we aim to listen to and truly understand the people behind the numbers, so we can help them reach their goals. That’s what Condley & Company is all about.
For more information on how Condley and Company can assist you, please call (325) 677-6251.
