Form 5500 Employee Benefit Plan Audits


Summary

This practice note discusses the auditor's role in examining financial statements made part of the Form 5500 annual report of an employee benefit plan subject to the Employee Retirement Income Security Act (ERISA). The auditor, who must qualify as an Independent Qualified Public Accountant (IQPA), must form an opinion whether the plan's financial statements and their accompanying notes are fairly presented in conformity with generally acceptable accounting principles (GAAP). The practice note discusses the impact of the American Institute of Certified Public Accountants (AICPA)'s new auditing standard, Statement on Auditing Standards (SAS) No. 136, "Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA," on the financial statement review process, as effective for audits of plan years that end on or after December 15, 2020.