TJT Client Advisory Services

New Auditing Standard for Employee Benefit Plan Audits

The Auditing Standards Board (“ASB”) of the American Institute of Certified Public Accountants (“AICPA”) issued Statement on Auditing Standards (“SAS”) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, which changes the form and content of the auditors’ report. The new standard is effective for periods ending on or after December 15, 2021.

The new standard requirements which impacts all phases of an employee benefit plan audit includes new performance and reporting requirements. Additionally, audits formerly referred to as a “limited scope audit” will now be referred to as an “ERISA Section 103(a)(3)(C) audit” and will not be considered a scope limitation. Audits formerly performed as a “full scope audit” will now be considered a “Non-Section 103(a)(3)(C) audit”.

If you have any questions on the new standard, please do not hesitate to contact Sierra Vick, Director of Employee Benefit Plan Practice, at or at 919-532-7924.