Peer review findings in employee benefit plan audits tool
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Peer review findings in employee benefit plan audits tool

1 year ago · 268.2 KB Download

To help audit firms develop more-focused remedies for their accounting and auditing practices, the AICPA Peer Review team collects data on Matters for Further Consideration (MFCs). An MFC form is used by peer reviewers to electronically capture "matters" detected during a peer review that are the most granular level of information indicating accounting and auditing deficiencies. The AICPA Peer Review team uses the data to identify problem areas in order to provide firms with tools to increase audit quality.

This Employee Benefit Plan Audit Quality Center audit engagement tool describes the most frequent matters the Peer Review team has found related to employee benefit plan (EBP) audits and financial statements in peer reviews performed in 2019, and references EBPAQC tools that address several of the issues identified in EBP audits.

The tool includes EBP MFCs related to:

  • Quality control policies and procedures

  • Engagement letters

  • Use of a specialist

  • Risk assessment

  • Internal control

  • Sampling

  • SOC 1 reports

  • Testing and documentation

  • Management representation letters

  • The auditor's communication with those charged with governance

  • Financial statements and the auditor's report

  • Defined benefit plans

  • ESOP plans

  • Multiemployer plans

  • Health & welfare plans

Reviewing the trends summarized in this tool can help raise awareness of and avoid potential problems at EBP audit firms.

Download the Peer Review Employee Benefit Plans MFCs

File name: peer-review-ebp-mfcs.pdf

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