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Employee Benefit Plans 2017

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1 Introduction and Background 01-37

Introduction 01-07

Applicability to Governmental Entities 04-07

Background 08-12

Defined Contribution Retirement Plans 09

Employee Stock Ownership Plans 10

Defined Benefit Pension Plans 11

Health and Welfare Benefit Plans 12

Financial Accounting and Reporting for ERISA Plans 13-21

Governmental Regulations 15

Reporting and Disclosure Requirements 16-19

Plans Pursuant to the SEC Reporting Requirements 20-21

Audit Requirements 22-24

Operation and Administration 25-34

Accounting Records 35-37

2 Planning and General Auditing Considerations 01-143

Overview 01-10

Categories of Professional Requirements 08-09

Interpretive Publications 10

Quality Control Standards, Including Client Acceptance and Continuance and Engagement Quality Control Reviews 11-18

Client Acceptance and Continuance 11-16

Engagement Quality Control Review 17-18

Audit Scope 19-38

Limited-Scope Audit Exemption 22-26

Other Applicable Auditing Guidance 27-30

Communication With Those Charged With Governance 31-38

Engagement Letter 39-43

Audit Planning 44-62

Coordination of Plan Sponsor and Plan Audits 48

Considerations for Payroll and Demographic Data 49-53

Use of Internal Auditors 54-57

Involvement of Professionals Possessing Specialized Skills 58-59

Financial Reporting Considerations 60-61

Communication and Coordination 62

Audit Risk 63

Transactions Processed by Service Organizations 64

Using the Work of a Specialist 65-94

Background 65

Decision to Use the Work of a Specialist 66-94

Related-Party and Party in Interest Transactions 95-114

Audit Considerations 106-116

Consideration of Laws and Regulations and Prohibited Transactions 117-128

Communication With Responsible Parties 125

Effect on the Auditor’s Report 126-128

Accounting Estimates 129-130

Going Concern Considerations 131-134

Initial Audits of the Plan 135-143

3 Audit Risk Assessment 01-71

Overview 01

Audit Risk 02-06

Planning Materiality 07-11

Performance Materiality 10-11

Understanding the Entity and Its Environment, Including Its Internal Control 12-29

Risk Assessment Procedures 15-22

Discussion Among the Engagement Team 23-24

The Entity and Its Environment 25-27

The Entity’s Internal Control 28-29

Risks Assessment and the Design of Further Audit Procedures 30-49

Identifying and Assessing the Risks of Material Misstatement 30

Use of Assertions in Assessment of Risks of Material Misstatement  31-36

Other Risk Assessment Considerations 37

Designing and Performing Further Audit Procedures 38-49

Evaluation of Misstatements Identified During the Audit 50-53

Audit Documentation 54-55

Consideration of Fraud 56-71

Risk Assessment Procedures and Related Activities 58-60

Identification and Assessment of the Risks of Material Misstatement Due to Fraud 61-68

Evaluation of Audit Evidence 69-71

4 Internal Control 01-28

Using a Service Organization and Related Audit Considerations 11-28

5 Defined Contribution Retirement Plans Including Employee Stock Ownership Plans 01-801

5A Defined Contribution Retirement Plans 01-399

Introduction and Background 01-05

Administration and Operation of a DC Plan 06-08

Accounting, Reporting, and Auditing DC Plans 09-10

Financial Statements 11-12

Net Assets Available for Benefits 13-67

Participant Allocations 14-15

Cash Balances 16-19

Investments 20-48

Participant Loans (Notes Receivable From Participants) 49-51

Contributions and Contributions Receivable 52-56

Rollover Contributions 57-58

Other Receivables 59

Forfeitures 60-62

Operating Assets 63-64

Accrued Liabilities 65-67

Changes in Net Assets Available for Benefits 68-76

Participant Benefits, Distributions, and Withdrawals 72

Benefit Payments 73

Plan Expenses 74-76

Financial Statement Disclosures 77-94

Fair Value Measurements 80

Derivatives and Hedging 81-85

Master Trusts 86-88

Financial Instruments 89-90

Risks and Uncertainties 91-94

403(b) Plans or Arrangements 95-98

Plan Transfers (Plan Mergers, Spin-Offs, and Other Transfers) 99-103

Going Concern 104

Terminating Plans (Full and Partial) 105-112

Changes in Service Providers 113-[199]

Auditing Considerations for DC Plans 200-[399]

5A Defined Contribution Retirement Plans--continued

Determining Audit Strategy 204-207

Participant Accounts and Allocations 208-210

Cash Balances 211-215

Investments and Related Income 216-228

Notes Receivable From Participants (Participant Loans) 229-232

Contributions and Certain Participant Data 233-234

Contributions and Contributions Receivable 235-246

Rollover Contributions 247-248

Other Receivables 249-251

Forfeitures 252-254

Operating Assets 255-256

Accrued Liabilities 257-259

Participant Benefits, Distributions and Withdrawals 260-263

Plan Expenses 264-267

Plan Transfers (Plan Mergers, Spin-Offs, and Other Transfers) 268-272

Terminating Plans 273-275

Changes in Service Providers 276-278

SEC Reporting Requirements 279-[399]

5B Employee Stock Ownership Plans 400-801

Introduction and Background 400-421

Participant Allocations 406-408

Valuation Terminology 409

Contributions 410

Distributions 411

Voting Rights 412

Put Option 413

Diversification 414-416

Financing Employer Stock Purchases 417-418

Suspense Account (Unallocated Shares) 419

Share Release Formula 420

Debt Service Payment 421

Administration and Operation of an ESOP 422-423

Regulatory Reporting Requirements 424

Accounting, Reporting, and Auditing ESOPs 425-426

Financial Statements 427-429

Net Assets Available for Benefits 430-461

Allocations 433-436

Cash Balances 437

Investments 438-442

Valuation Techniques 443-448

Participant Loans 449

Contributions and Contributions Receivable 450-452

Rollover Contributions 453

Other Receivables 454

Forfeitures 455-457

Leveraged ESOP Debt 458-459

Accrued Liabilities 460

Other Liabilities 461

Changes in Net Assets Available for Benefits 462-473

Participant Benefits, Distributions, and Withdrawals 468-470

Plan Expenses 471-473

Financial Statement Disclosures 474-492

Fair Value Measurements 478-483

Financial Instruments 484-485

Risks and Uncertainties 486-490

Subsequent Event Considerations for ESOPs 491

Prohibited Transactions and Party in Interest Transactions 492

Plan Mergers and Spin-Offs 493

Going Concern 494

Terminating Plans (Full and Partial) 495-501

Changes in Service Organization 502-[599]

Auditing Considerations for ESOPs 600-799

Determining Audit Strategy 604-607

Valuation Terminology 608

Risk Assessment Considerations 609

Participant Accounts and Allocations 610-613

Cash Balances 614

Investments and Related Income 615-628

Limited-Scope Auditing Considerations 629-631

Contributions and Certain Participant Data 632

Contributions and Contributions Receivable 633-638

Rollover Contributions 639

Forfeitures 640-642

Leveraged ESOP Debt and Interest Expense 643-646

Accrued Liabilities 647

Other Liabilities--Employer Advances 648-651

Participant Benefits, Distributions and Withdrawals 652-658

Floor Price Protection 659-662

5B Employee Stock Ownership Plans--continued

Plan Expenses 663

Plan Mergers and Spin-offs 664

Terminating Plans (Full and Partial) or Frozen Plans 665-770

Changes in Service Providers 671-[799]

Appendix A--Defined Contribution Retirement Plan 800

Appendix B--Regulations, Administration, and Operation of an ESOP 801

6 Defined Benefit Pension Plans 01-205

Introduction and Background 01-04

Administration and Operation of a DB Plan 05-07

Accounting, Reporting, and Auditing DB Plans 08-11

Financial Statements 12-15

Net Assets Available for Benefits 16-71

Cash Balances 16-20

Investments 21-55

Contributions and Contributions Receivable 56-65

Other Receivables 66

Operating Assets 67-68

Accrued Liabilities 69-71

Changes in Net Assets Available for Benefits 72-78

Benefit Payments 75

Plan Expenses 76-78

Accumulated Plan Benefits 79-93

Changes in Accumulated Plan Benefits 94

Financial Statement Disclosures 95-114

Fair Value Measurements 99

Derivatives and Hedging 100-105

Master Trusts 106-107

Financial Instruments 108-109

Risks and Uncertainties 110-114

Plan Transfers (Plan Mergers, Spin-Offs, and Other Transfers) 115-120

Going Concern 121

Terminating Plans (Full or Partial) and Frozen Plans 122-133

Terminating Plans 122-130

Frozen Plans 131-133

Changes in Service Providers 134

Auditing Considerations for DB Plans 135-204

Determining Audit Strategy 139-142

Cash Balances 143-147

Investments and Related Income 148-156

Contributions and Contributions Receivable 157-168

Other Receivables 169-171

Operating Assets 172-174

Accrued Liabilities 175-177

Benefit Payments 178-181

Plan Expenses 182-185

Accumulated Plan Benefits and Participant Census Data 186-192

Plan Transfers (Plan Mergers,Spin-Offs, and Other

Transfers) 193-197

Terminating Plans (Full or Partial) or Frozen DB Plans 198-201

Changes in Service Providers 202-204

Appendix A--Defined Benefit Pension Plan Operations and Administration 205

7 Health and Welfare Benefit Plans 01-237

Introduction and Scope 01-11

Trust Arrangements 05-07

Defining the Reporting Entity 08-11

Background 12-17

Administration of a Health and Welfare Benefit Plan 12

HIPAA Considerations 13-15

Annual Health Care Process 16-17

Health and Welfare Arrangements 18-25

Accounting and Reporting for H&W Plans 20-25

Financial Statements 26-31

Defined Benefit H&W Plan 26-28

Defined Contribution H&W Plan 29-31

Net Assets Available for Benefits 32-74

Cash 33-37

Investments 38-54

401(h) Accounts 55-58

Contributions and Contributions Receivable 59-62

Other Receivables 63-65

Deposits With and Receivables From Insurance

Companies and Other Service Providers 66-70

Operating Assets 71-72

Accrued Liabilities 73-74

Changes in Net Assets Available for Benefits 75-87

Benefit Payments 78

Insurance Premiums 79-83

Plan Expenses 84-87

Benefit Obligations 88-124

Claims 91-98

Premiums Due Under Insurance Arrangements 99-101

Accumulated Eligibility Credits 102-103

Postemployment Benefits 104-110

Postretirement Benefit Obligations 111-124

Changes in Benefit Obligations 125-126

Financial Statement Disclosures 127-144

Fair Value Measurements 133

Derivatives and Hedging 134-138

Financial Instruments 139-140

Risks and Uncertainties 141-144

Plan Transfers (Plan Mergers, Spin-Offs, and Other Transfers) 145-146

Going Concern 147

Terminating Plans 148-157

Terminating Trusts 158-159

Tax Considerations 160-165

Changes in Service Providers 166

Auditing Considerations for H&W Plans 167-234

Determining Audit Strategy 171-174

Confidentiality or Indemnification Agreements 175

Cash Balances 176-179

Investments and Related Income 180-187

Contributions and Contributions Receivable 188-192

Other Receivables 193-195

Deposits With, and Receivables From, Insurance

Companies and Other Service Providers 196-198

Operating Assets 199

Accrued Liabilities 200-202

Benefit and Claim Payments 203-209

Insurance Premiums 210-212

Plan Expenses 213-216

Benefit Obligations--Defined Benefit H&W Plans 217-228

Defined Contribution H&W Plans 229

Plan Transfers (Plan Mergers, Spin-Offs, and Other Plan

Transfers) 230

Terminating Plans or Frozen H&W Plans 231-233

Changes in Service Providers 234

Appendix A--The Annual Health Care Process 235

Appendix B--Examples of Health and Welfare Arrangements 236

Appendix C--Risk Assessment and Internal Control

Considerations--Claim Payments 237

8 Investments 01-174

Introduction 01-02

Background 03-14

Investment Activities and the Use of Service

Organizations 08

The Investment Manager or Adviser 09

The Custodian 10

The Trustee (Directed and Discretionary) 11-13

Investment Recordkeeper 14

Valuation of Investments 15-16

Fair Value Measurement 17-35

Definition of Fair Value 19

Definition of Readily Determinable Fair Value 20

Valuation Techniques 21-23

The Fair Value Hierarchy 24-25

Considerations When Determining Fair Value 26-27

Fair Value Disclosures 28-35

Accounting and Disclosure for Investments 36-38

Statement of Net Assets Available for Benefits 36-37

Statement of Changes in Net Assets Available for Benefits 38

RICs (Mutual Funds) 39

Investments in CCTs 40-42

Master Trust Arrangements 43-48

Other Investments 49-52

Private Investment Funds 49

Separately Managed Accounts 50

Investments Reported as 103-12 Entities as Required

by the DOL 51-52

Contracts With Insurance Entities 53-68

DA Contracts 60-62

IPG Contracts 63

Other Investment Arrangements With Insurance Entities 64-68

Derivatives and Hedging Activities 69-79

Offsetting of Derivatives, Repurchase Agreements, and

Securities Lending Transactions 76-79

Securities Lending Arrangements 80-84

Financial Statement Disclosures 85-96

Insurance Contracts 86-88

Fair Value Measurements 89

Financial Instruments 90-91

Risks and Uncertainties 92-93

Master Trusts 94

Derivatives and Hedging Activities 95

Securities Lending 96

Auditing Considerations for Investments 97-174

Risk Assessment and Internal Control Considerations

for Investments 98-115

Determining Audit Strategy 116-126

Investments and Related Income 127-129

Audit Procedures for Certain Plan Investments 130-163

Investments in Securities That Are Valued Based

on the Investee’s Financial Results 164-166

Limited-Scope Auditing Procedures 167-174

9 Plan Tax Status 01-31

Nondiscrimination and Other Operating Tests for Plan Qualification 12-14

Unrelated Business Taxable Income 15-20

Income Taxes 21-25

Auditing Considerations 26-31

Relevant Assertions 26

Examples of Identified Risks of What Can Go Wrong at the Relevant Assertion Level 27

Example Audit Procedures to Consider 28-31

10 Concluding the Audit and Other Auditing Considerations 01-40

The Form 5500 03-08

Reports Issued Prior to the Form 5500 Filing 07-08

Commitments and Contingencies 09-13

Litigation, Claims, and Assessments 11-13

Subsequent Events 14

Evaluating the Risk of Material Misstatement Due to Fraud at or Near the End of the Audit 15

Plan Representations 16-22

Management Representation Letter 22

Communications With Those Charged With Governance 23-35

Significant Findings From the Audit 27-35

Communicating Internal Control Related Matters Identified in an Audit 36-39

DOL Access to Auditors Working Papers 40

11 The Auditor’s Report 01-90

What This Chapter Provides 03-05

Background 06-17

Forming an Opinion 07-14

Addressing the Auditor’s Report 15

Dating of the Auditor’s Report 16

Content of the Auditor’s Report 17

Supplemental Schedules Relating to ERISA and DOL Regulations (Full-Scope Audits for Nonissuers) 18-24

Full-Scope Audit Considerations 19-24

Plans 25-34

401(k) Plan (US GAAP) 25

401(k) Plan--Special Purpose Framework 26-34

Unmodified Opinions--Defined Benefit Pension Plans 35-36

Illustration of Auditor’s Report on Financial Statements of Defined Benefit Pension Plan Assuming End-of-Year Benefit Information Date 35

Illustration of Auditor’s Report on Financial Statements of DB Plan Assuming Beginning-of-Year Benefit Information Date 36

Unmodified Opinion--Health and Welfare Benefit Plans 37

Unmodified Opinion--Reporting on the Financial Statements of a Trust 38-39

Unmodified Opinion--Form 11-K Filings With the SEC 40-45

Form 11-K Audit Report for Filing With the SEC 44

Form 11-K Audit Report for Filing With the DOL 45

Full-Scope Audits--Unmodified Opinions on the Financial Statements With Modifications to the Report on Supplementary Information 46-52

Departures From, or Omission of, Supplementary Information Required by the DOL 46-49

Omitted Information in a Schedule Required Under DOL Regulations 50

Omitted Schedule Required Under DOL Regulations 51

Prohibited Transactions 53-56

Disclosure of Immaterial Prohibited Transaction With Party in Interest Omitted 55

Limited-Scope Audits Under DOL Regulations 57-71

Reporting on Supplemental Schedules--Limited-Scope Audit Considerations 61-63

Standard Limited-Scope Audit Report 64

Limited-Scope Audit in Prior Year 65-67

Limited-Scope Audit in Current Year 68-69

Limited-Scope Audit in Current Year, Prior Year Limited-Scope Audit Performed by Other Auditors -71

Change in Trustee 72

Reporting on Supplemental Schedules in a Limited-Scope Audit 73-76

Standard Limited-Scope Audit Reports With Modifications to the Report on Supplemental Schedules 77-79

Omitted Schedule Required Under DOL Regulations in a Limited-Scope Engagement 78

Modified Opinion on Supplemental Schedules--Omitted Information Required Under DOL Regulations in a

Limited-Scope Engagement 79

Other Scope Limitations 80

Disclaimer of Opinion on Audit of Multiemployer Pension Plan Due to Scope Limitation 80

Accumulated Plan Benefits--GAAP Departures and Changes in Accounting Estimates 81-83

Terminating Plans 84-85

Going Concern 86

Initial Audits of Plans 87

Prior Period Financial Statements Not Audited 88-90

Appendix

A ERISA and Related Regulations

B Examples of Controls

C Illustrations of Financial Statements: Defined Contribution Retirement Plans

D Illustrations of Financial Statements: Employee Stock Ownership Plans

E Illustrations of Financial Statements: Defined Benefit Pension Plans

F Illustrations of Financial Statements: Health and Welfare Benefit Plans

G Consideration of Fraud in a Financial Statement Audit

H Schedule of Changes Made to the Text From the Previous Edition

Glossary

Index of Pronouncements andOther TechnicalGuidance

Subject Index