These Practice Aids were developed to provide auditors with the tools they need to meet the demand for 403(b) plan audits.

• Updated for New Accounting and Auditing Standards and Guidance. The audit programs, checklists, letters, and other practice aids have been updated for recently issued authoritative literature, including new requirements for fair value measurements and disclosures, and to reflect the guidance in the 2009 version of the AICPA Audit and Accounting Guide, Employee Benefit Plans, to help you apply the latest requirements and guidance in your audit engagements.
• Incorporates New DOL Guidance and Regulations. The Practice Aids incorporate new regulatory requirements and guidance issued by the Department of Labor (DOL). It has been updated for the 2009 version of the Form 5500, which includes new reporting requirements for delinquent participant contributions. In addition, we provided an analysis and revised the practice aids for two recently-issued DOL Field Assistance Bulletins (FABs) which provide transition relief to certain 403(b) plans that could have a significant impact on the plans that you audit. Audits of 403(b) plans continue to be an emerging and dynamic area of practice. These Practice Aids help keep you on the leading edge of that practice.
• Additional Reporting Considerations. Because 403(b) plans have not historically required an annual audit, most audit engagements for 2009 plan years will be initial audits of plans that have never been audited. Initial audits present many challenges for practitioners, especially in regard to substantiating beginning balances. Because of these expected challenges, auditors may find it difficult to support an unqualified opinion in the initial audit of a 403(b) plan. In addition, new DOL guidance that permits plans to exclude certain older annuity contracts and custodial accounts from the plan's assets for purposes of ERISA reporting present unique reporting challenges for auditors. We have expanded the discussion of auditor's reports and provided additional illustrative reporting examples to help navigate these unusual circumstances.
• Comprehensive, Up-to-date Disclosure Checklist. These days it is more difficult than ever to keep up with all of the new financial statement disclosure requirements issued by standards setters and regulators. 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 checklist. The disclosure checklist for financial statements of 403(b) plans has been thoroughly updated to provide you the most current and comprehensive tool to help you ensure the financial statements you audit comply with authoritative pronouncements.