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AICPA Comment Letter to SEC on Duties of Brokers, Dealers and Investment Advisers (PDF)

"The current self-regulated broker-dealer examination regime is inherently conflicted. If applied to the investment adviser profession, the same rules-based standard would result in a check-the-box approach similar to broker-dealer oversight and is not conducive to appropriate regulation of the investment adviser profession. This harms the public's best interest as it diverts focus from placing the investor's interest first to simply complying with the rules."

AICPA Working Draft of Chapter on Multiemployer Benefit Plans (PDF)

149 pages. "[This working draft has] been developed by the AICPA Multiemployer Plans Task Force to assist preparers of multiemployer plan financial statements in preparing [those] financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) and to assist auditors in auditing and reporting on such financial statements in accordance with generally accepted auditing standards."

Text of AICPA SAS No. 136: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (PDF)

110 pages, Jul. 9, 2019. "This Statement on Auditing Standards (SAS) addresses the auditor's responsibility to form an opinion on the financial statements of employee benefit plans (EBPs) subject to [ERISA].... It also addresses the form and content of the auditor's report issued as a result of an audit of ERISA plan financial statements. This SAS applies to audits of single employer, multiple employer, and multiemployer plans subject to ERISA.... This SAS is effective for audits of ERISA plan financial statements for periods ending on or after December 15, 2020. Early implementation is not permitted."

Text of AICPA Statement on Auditing Standards: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (PDF)

Final Balloted Draft; 104 pages. "This Statement on Auditing Standards (SAS) addresses the auditor's responsibility to form an opinion and report on the audit of financial statements of employee benefit plans (EBPs) subject to [ERISA], hereinafter referred to as ERISA plans. It also addresses the form and content of the auditor's report issued as a result of an audit of ERISA plan financial statements.... When issued as final, this SAS is effective for audits of ERISA plan financial statements for periods ending on or after December 15, 2020. Early adoption is not permitted."

AICPA FAQs with Illustrative Auditor's Reports for Initial Year of Implementation of SAS No. 136 (PDF)

31 pages. "[These] frequently asked question (FAQ) and illustrative auditor's reports have been developed to aid practitioners as they apply AICPA Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA ... in their audits of financial statements of employee benefit plans subject to [ERISA] in the initial year of implementation."

Text of AICPA SAS No. 137: The Auditor's Responsibilities Relating to Other Information Included in Annual Reports (PDF)

100 pages; Jul. 9, 2019. "This SAS requires the auditor to read and consider the other information because other information that is materially inconsistent with the financial statements or the auditor's knowledge obtained in the audit may indicate that a material misstatement of the financial statements or that a material misstatement of the other information exists, either of which may undermine the credibility of the financial statements and the auditor's report thereon."

AICPA Delays Required Implementation of New Reporting Standards for Plans Subject to ERISA

"The American Institute of Certified Public Accountants (AICPA) has issued Statement of Auditing Standards (SAS) Number 141, which provides for a delay in effective dates for ... SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA ... to December 15, 2021. Additionally, it amends SAS 136 to no longer preclude early implementation."

Testimony of AICPA to the ERISA Advisory Council: Improving the Financial Statement Audit Process (PDF)

10 pages. "While the primary objective of the auditor is to express an opinion on whether the plan's financial statements are fairly presented, the audit process can also help the plan administrator keep apprised of matters that may need to be addressed to fulfill their responsibilities."

AICPA Panel Opposes DOL's Proposed Change to Definition of 'Fiduciary'

The FVSEC opposes the change because it would make virtually all valuations prepared for benefit plans, including [ESOPs], fall under the fiduciary rules.

IRS Reminds Dual Citizens and Americans Living Abroad of FBAR, Other Filing Requirements

In a fact sheet (FS-2011-13) released Friday, the IRS reminded U.S. citizens and dual citizens of the United States and foreign countries who live abroad about U.S. filing requirements, including Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).