Wiley Practitioner's Guide to GAAS 2022

32AU-C 703 Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

• Overview
  • ERISA Section 103(a)(3)(C) Audits
• Scope
• Objectives
• Requirements
  • Engagement Acceptance
  • Audit Risk Assessment and Response
  • Plan Tax Status
  • Prohibited Transactions
  • Evaluation of Reportable Findings
  • Documentation
  • Communication with Management or Those Charged with Governance
  • ERISA Section 103(a)(3)(C) Audit Procedures
  • Written Representations
  • Forming an Opinion
  • Form of Opinion
  • Auditor's Report for an ERISA Section 103(a)(3)(C) Audit
  • Reporting on Supplemental Schedules
  • ERISA-Required Supplemental Schedules
  • Reporting on ERISA-Required Supplemental Schedules When Reporting under an ERISA Section 103(a)(3)(C) Audit
• AU-C 703 Illustrations
  • Illustrations of Auditor's Reports on Financial Statements of Employee Benefit Plans Subject to ERISA

OVERVIEW

AU-C 703:

• Provides guidance on the auditor's responsibility to form an opinion on the financial statements of employee benefit plans (EBPs) subject to the Employee Retirement Income Security Act of 1974 (ERISA)
• Addresses the form and content of the auditor's report issued as a result of an audit of ERISA plan financial statements

  (AU-C 703.01)

ERISA SECTION 103(A)(3)(C) AUDITS

“Limited-scope audits” are referred to as ERISA section 103(a)(3)(C) audits. ERISA section 103(a)(3)(C) permits plan management to elect to exclude from the audit certain investment information a qualified institution holds and certifies. ...