Nicholas Pension Consultants
Nova 401(k) Associates
Compensation Strategies Group, Ltd.
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|Changes to Limited-Scope Audits of Employee Benefit Plan Financial Statements Are Extended|
Jan. 14, 2021
"Initially, the new standards were to apply to audits of plan years ending on or after December 15, 2020, which means they would apply to 2020 plan year audits performed in 2021. However, due to the COVID-19 pandemic, the AICPA changed the effective date of the standards to plan years ending after December 15, 2021, extending the implementation of the standards for one year. Plan sponsors of plans subject to ERISA should be aware of the new responsibilities the standards impose on auditors, as these changes also indirectly create new responsibilities for plan sponsors."
|Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).|
|An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).|