AICPA issues TQAs on considering plan provisions

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):

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.

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This article was written by RSM US LLP and originally appeared on 2023-05-18.
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