Employee Benefit Plans (EBP) Setup Questions

Additional questions appear on the Create Client Engagement window when you select the practice aid title
Audits of Employee Benefit Plans
.

What type of employee benefit plan does this engagement cover?

The default answer to this question is
Defined Contribution Plan
. Selecting a plan determines which audit procedures will be included in the engagement.

Is the engagement a DOL limited-scope audit?

Selecting
Yes
to the limited-scope question provides certain audit areas that contain different audit procedures than full scope audits. The limited scope audit areas are:
  • Investments and Related Income – DOL Limited-scope Audit
  • Contracts Insurance Companies and Similar Institutions – DOL Limited-scope Audit
If you select
No
to the limited-scope question, the engagement includes:
  • Investments and Related Income – Full-scope Audit
  • Contracts Insurance Companies and Similar Institutions – Full-scope Audit

Do you need to obtain a service auditor’s SAS 70 report for this engagement?

Selecting
Yes
to this question places an audit area entitled Service Auditor’s SAS 70 Reports into the left navigation pane under the Review and Modify Audit Programs step.
This audit area does not allow the addition of risks and so is not available under the Assess Effects of Risks step. All audit steps for this audit area are selected in the middle content pane by default.
If you select
No
to this question, the Service Auditor’s SAS 70 Reports audit area does not appear in the engagement.