Multiemployer Plan Payroll Compliance Audits

Transcript:Multiemployer Plan Payroll Compliance Audits:
Multiemployer Plan Payroll Compliance Audits Employee Benefit Plan Audit Quality Center AICPA What’s New with SSAE 18? Handouts for today’s event You can download presentation slides (in PDF or PowerPoint format) and other handouts by clicking on in the toolbar at the bottom of your screen Instructions to how to obtain your CPE certificate for today’s event Webinar presentation slides (both .ppt and .pdf formats) TQA 6935.01-.06, Multiemployer Plans EBPAQC Primer, Multiemployer Employee Benefit Plans Summary of EBPAQC Resources and Tools Presenters Doug Bertossi – CliftonLarsonAllen LLP Eileen Brassil – Legacy Professionals LLP David Evangelista – MBAF CPAs and Advisors, LLC Introduction and background David Evangelista MBAF Certified Public Accountants and Advisors Today’s webinar Introduction and background Overview of requirements for agreed-upon procedures engagements under SSAE No. 18, Attestation Standards: Clarification and Recodification Who is the engaging party and the responsible party? Requirement to obtain written assertions and written representations Alternative approach as consulting engagement under SSCS No. 1, Consulting Services The role of payroll audits in the financial statement audit process Questions and answers Overview/background Purpose of payroll audits When payroll audits would not be necessary Red flags Payroll audit cycle/policy Tips for performing payroll audits Questions you should be asking the Plan Trustee Current options for CPAs: AUP vs consulting standards Agreed-Upon Procedures Performing agreed-upon procedures Doug Bertossi CliftonLarsonAllen LLP AUP general considerations Need to follow SSAE 18, AT-C Section 215, Agreed-Upon Procedures Engagements SSAE 18 effective for reports dated on or after May 1, 2017 Offers more structure and consistency Independence is not a concern if perform the plan financial statement audit as well Definitions Engaging party The engaging party is the party that hires the practitioner to provide the service. The engaging party need not be the responsible party. Responsible party The responsible party is someone who takes responsibility for the subject matter. Generally, the responsible party is the management of the entity whose subject matter is being measured. Significant items with AT-C 215 A written engagement letter is required. Should obtain a written assertion from the responsible parties Should request written representations in the form of a letter, dated as of the AUP report, from the engaging party Should request written representations in the form of a letter, dated as of the AUP report, from the responsible party. Q&A section 6935, Multiemployer Plans 03, Obtaining engagement letters .04, Requesting and obtaining representation letters from engaging