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PPC's Practice Aids for Audits of Form 11-K Benefit Plans

PPC's Practice Aids for Audits of Form 11-K Benefit Plans

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    Practitioners Publishing

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P11Q
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Audits of employee benefit plans, especially plans that are required to file Form 11-K with the Securities and Exchange Commission, differ significantly from audits of other types of entities. These audits must comply with auditing standards generally accepted in the United States of America (US GAAS) and the standards of the Public Company Accounting Oversight Board (PCAOB). Compliance with US GAAS is required to file the financial statements with the Form 5500 and compliance with PCAOB standards is required to file the financial statements with the Form 11-K.

PPC’s Practice Aids for Audits of Form 11-K Benefit Plans provide a complete set of practice aids to assist you in auditing a defined contribution plan required to file Form 11-K with the SEC. These practice aids include:

  • Audit programs with extensive practical considerations
  • Audit checklists including a disclosure checklist, partner rotation documentation form, and engagement completion document
  • Confirmation and correspondence letters including engagement and management representation letters and communications with those charged with governance
  • Illustrative auditor’s reports on compliance with US GAAS and PCAOB auditing standards (separate reports) and an illustrative consent letter when financial statements are incorporated by reference in a Form 11-K
  • An introductory material section that explains the intricacies of these audits and the different communications and reporting that are required.

Rather than repeat much of the text from PPC’s Guide to Audits of Employee Benefit Plans and PPC’s Guide to PCAOB Audits, these Practice Aids include references to the applicable discussions within those products. The Practice Aids also use a numbering system consistent with that used in PPC’s Guide to Audits of Employee Benefit Plans so that you may be as efficient as possible.

The Practice Aids are authored by internal and external industry experts and, when necessary, our authors consult with representatives of the DOL and PCAOB to make sure our tools address their requirements.


DESCRIPTION

Audits of employee benefit plans, especially plans that are required to file Form 11-K with the Securities and Exchange Commission, differ significantly from audits of other types of entities. These audits must comply with auditing standards generally accepted in the United States of America (US GAAS) and the standards of the Public Company Accounting Oversight Board (PCAOB). Compliance with US GAAS is required to file the financial statements with the Form 5500 and compliance with PCAOB standards is required to file the financial statements with the Form 11-K.

PPC’s Practice Aids for Audits of Form 11-K Benefit Plans provide a complete set of practice aids to assist you in auditing a defined contribution plan required to file Form 11-K with the SEC. These practice aids include:

  • Audit programs with extensive practical considerations
  • Audit checklists including a disclosure checklist, partner rotation documentation form, and engagement completion document
  • Confirmation and correspondence letters including engagement and management representation letters and communications with those charged with governance
  • Illustrative auditor’s reports on compliance with US GAAS and PCAOB auditing standards (separate reports) and an illustrative consent letter when financial statements are incorporated by reference in a Form 11-K
  • An introductory material section that explains the intricacies of these audits and the different communications and reporting that are required.

Rather than repeat much of the text from PPC’s Guide to Audits of Employee Benefit Plans and PPC’s Guide to PCAOB Audits, these Practice Aids include references to the applicable discussions within those products. The Practice Aids also use a numbering system consistent with that used in PPC’s Guide to Audits of Employee Benefit Plans so that you may be as efficient as possible.

The Practice Aids are authored by internal and external industry experts and, when necessary, our authors consult with representatives of the DOL and PCAOB to make sure our tools address their requirements.

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