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Don’t you ‘SAS’ me! Gut Check on the SAS-136
Key Takeaways:
[2:35] There’s a new auditing standard out!
[3:15] Erin shares a little bit about herself and her career path.
[6:00] Beth gives a quick brief on SAS-136.
[7:30] Joanne breaks down the “Forming an Opinion and Reporting on Financial Statements” standard.
[8:15] What plans does this auditing standard apply to?
[8:40] How can you check if your plan is subject to ERISA or not?
[9:00] Why did the auditing industry have to shake things up and outline a new name for a limited scope audit?
[10:30] Limited scope audit is now being renamed to the ERISA Section 103(a)(3)(C) audit.
[11:05] What kind of changes do plans sponsors need to be aware of?
[12:00] What are some of the preconditions in regard to this audit?
[14:35] Every auditor will have to adopt this standard by Dec 21st, 2022.
[16:45] Auditors are really going to have to open up additional conversations with plan sponsors and those charged with governance.
[17:45] Still think it’s a limited scope audit with a name change? Think again.
[19:50] Stay tuned - there will be more information on this topic to come at BDO ERISA!
Resources:
BDO’s ERISA Center of Excellence
Beth on LinkedIn
Erin on LinkedIn
AICPA.org
Email Questions and Comments to [email protected]
Quotes from the Episode:
“From your audit teams, you should expect communication about the standard during your kick-off meeting and there are some pre-conditions that need to be met before we can perform the ERISA Section 103(a)(3)(C) audit.”
“Plan management might not take this seriously and still think it’s a limited scope audit and nothing really has changed. I don’t think that’s what the standard wants it to be.”
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By BDO USA
5
66 ratings
Key Takeaways:
[2:35] There’s a new auditing standard out!
[3:15] Erin shares a little bit about herself and her career path.
[6:00] Beth gives a quick brief on SAS-136.
[7:30] Joanne breaks down the “Forming an Opinion and Reporting on Financial Statements” standard.
[8:15] What plans does this auditing standard apply to?
[8:40] How can you check if your plan is subject to ERISA or not?
[9:00] Why did the auditing industry have to shake things up and outline a new name for a limited scope audit?
[10:30] Limited scope audit is now being renamed to the ERISA Section 103(a)(3)(C) audit.
[11:05] What kind of changes do plans sponsors need to be aware of?
[12:00] What are some of the preconditions in regard to this audit?
[14:35] Every auditor will have to adopt this standard by Dec 21st, 2022.
[16:45] Auditors are really going to have to open up additional conversations with plan sponsors and those charged with governance.
[17:45] Still think it’s a limited scope audit with a name change? Think again.
[19:50] Stay tuned - there will be more information on this topic to come at BDO ERISA!
Resources:
BDO’s ERISA Center of Excellence
Beth on LinkedIn
Erin on LinkedIn
AICPA.org
Email Questions and Comments to [email protected]
Quotes from the Episode:
“From your audit teams, you should expect communication about the standard during your kick-off meeting and there are some pre-conditions that need to be met before we can perform the ERISA Section 103(a)(3)(C) audit.”
“Plan management might not take this seriously and still think it’s a limited scope audit and nothing really has changed. I don’t think that’s what the standard wants it to be.”