Key Takeaways:

[2:15] Erin does a quick recap of what they talked about in previous episode, Don’t You ‘SAS’ Me! Gut Check on SAS 136.

[3:00] Joanne also does a recap on how SAS 136 was created and what problems it helps to solve.[4:20] What is the definition of a reportable finding?

[6:10] Joanne and Erin share some of their real-world experiences with reportable findings.

[9:30] Reportable findings need to be presented through a formal communication method. This means that a casual email informing the client is no longer sufficient.

[11:50] Under SAS 136, new significant plan provisions need to be identified and audited.

[14:10] How serious are reportable findings?

[15:00] When should you start having conversations about this with your auditor?

Resources:

BDO.com

Email: [email protected]

Beth Garner on LinkedIn

Erin Breit on LinkedIn

AICPA.org

Related Insights:

• Podcast Episode: Don’t You “SAS” Me! Gut Check on SAS 136
• SAS 136: What Plan Sponsors Need to Know About Upcoming Changes to ERISA Plan Audits
• Audit Communications to Plan Sponsors More Robust Under SAS 136

Quotes from the Episode:

“So a reportable finding under SAS 136 has a three-part definition. The first one being any non-compliance with laws and regulations would be considered a reportable finding.”

“There’s a lot of auditor judgment in things that would be considered significant and relevant to those charged with governance.”

“A reportable finding has to be communicated in writing, which is consistent with the requirements for material weaknesses and significant deficiencies.”