The DOL and your peer review team are extremely interested in how well you perform your EBP audits, so you should be too! Whether you audit defined benefit, defined contribution, or health and welfare benefit plans, you need the most comprehensive guidance, audit programs, and other practice aids found in this Guide, including guidance on:

• Performing full-scope and DOL limited-scope audits.
• Preparing supplemental schedules in conformity with DOL requirements.
• Making all of the required financial statement presentations and disclosures.
• Issuing the appropriate auditor's report and modifying the report as necessary.

The following are some of the important new features:

• Clarified Auditing Standards. The AICPA has completed a large-scale project to revise all existing auditing standards and to design a format under which all new standards will be issued (the Clarity Project). SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, became effective for audits of financial statements for periods ending on or after December 15, 2012. This edition of the Guide, including all audit programs, checklists, letters, and other practice aids, has been updated for the clarified standards.
• Significantly Revised Auditor’s Reports. All auditor’s reports will change significantly as a result of the Clarity Project and we have revised all of the reports in chapter 7. These reports are required to be used for audits of 2012 calendar year-end plans. In addition, we have created a new appendix containing examples of the most commonly used auditor’s reports. These illustrations are also available in Checkpoint Tools.
• New ERISA Requirements for Plan Sponsors. New ERISA regulations under sections 404(a), requiring certain fee disclosures to participants, became effective for sponsors for plan years beginning after October 31, 2011. In addition, regulations under 408(b)(2), regarding arrangements with service providers, became effective July 1, 2012. This edition of the Guide includes practical guidance on these two new regulations and their potential impact on benefit plan audits.
• Updated for New Standards and Other Guidance. The audit programs, checklists, letters, other practice aids, and practical guidance have been updated for recently-issued authoritative literature and to reflect the requirements and information in the 2012 versions of the Form 5500 and the AICPA Audit and Accounting Guide, Employee Benefit Plans, to help you apply the latest requirements in your audit engagements.
• Comprehensive, Up-to-date Disclosure Checklists. The most effective way to ensure all of the required information is disclosed in the financial statements you audit is to use our comprehensive disclosure checklists. The separate disclosure checklists for defined benefit plans, defined contribution plans, and health and welfare benefit plans have been thoroughly updated to provide you the most current and comprehensive tools to help you ensure the financial statements you audit comply with authoritative pronouncements.