Kim Veal, CPA, is a leader on Rea & Associates' ERISA services team. A "jack-of-all-auditing-trades," she does everything from preparing planning documentation to drafting various audit-related letters and reports; from selecting items for testing and completing the tests; and from supervising other audit staff to having great discussions with clients. In other words ... she knows what she's doing.
Everything You Need To Know About SAS 136
If your business manages an employee benefit plan, there are some pretty big changes coming down the pipeline that you need to know about … and they go by the name of SAS 136.
Kim Veal, a leader on Rea’s ERISA team, spends most of her time working on retirement plan audits for clients. Today, she is here to walk us through what’s changing as a result of the Statement on Auditing Standards 136. During this 20-minute podcast, Kim will explain how SAS 136 impacts businesses. She will also talk about how to avoid complications during the audit process.
Learn More About The Goals Of SAS 136 & How To Comply
Back in 2015, the Department of Labor’s Employee Benefits Security Administration (EBSA) examined the overall quality of audit work done on employee benefit plans by independent qualified accounts. Their findings resulted in the creation of SAS 136. SAS 136 is the AICPA’s effort to address the issues that were noted in the EBSA’s assessment.
The goal of SAS 136 is to enhance the quality of ERISA plan audits by prescribing certain procedures to be performed in the audit. This audit standard looks to add transparency to the nature and scope of ERISA benefit plan audits.
Listen to this episode of unsuitable to learn:
- What’s changing with SAS 136 and how it will impact your businesses.
- More about the new responsibilities your company will face when preparing for the audit.
- What your businesses can do to prepare for the updates resulting from SAS 136.
During this episode of unsuitable, Kim talks about some of the most notable changes businesses can expect to see, including the fact that if a plan sponsor elects an ERISA Section 103(a)(3)(C) – formerly known as a limited scope audit. In this scenario, management must affirm that it’s permissible and that the qualified institution can certify the investment information. Kim also confirms that management must provide the auditor with a substantially complete Form 5500 draft before issuance of the auditor’s report.
Scroll back up to the top of the page. There you will find the podcast player, which will let you listen to the full episode to learn more. Don’t forget to subscribe to unsuitable anywhere you listen to podcasts!