The Employee Benefit Plan Audit Quality Center has identified the auditing literature that specifically addresses initial audits and auditing opening balances to assist members performing an initial audit of an employee benefit plan. Following is information about where the auditor can go to find the appropriate guidance.
Employee benefit plan auditors frequently perform audits of plans that previously were not subject to audit or were audited by another firm. Events such as plan mergers, plan spin-offs, a change in the