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The AICPA recently stated that employee benefit plans can expect increased transparency in the quality of their internal control over financial reporting as a result of new CPA audit requirements. Beginning with this year’s audits, CPA firms that audit employee benefit plan financial statements are required to communicate in writing any significant deficiencies or material weaknesses in internal control over the plan’s financial reporting noted during the annual independent audit. The new professional standard, Statement on Auditing Standards (SAS) No. 112, Communicating Internal Control Related Matters Identified in an Audit, issued by the Auditing Standards Board of the AICPA, an independent body that sets professional auditing standards for non-public companies, requires CPA firms to make these written communications to plan management and others charged with plan governance.

For answers to questions about employee benefit plan audits, contact John Lucht or Jodi Malis at 404.874.6244.