Codified in AU-C section 703 of AICPA Professional Standards, Statement on Auditing Standards (SAS) No. 136 addresses the auditor’s responsibility to form an opinion and report on the audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).
SAS No. 136 marks a significant shift in the auditing landscape for EBPs.
With resources that clarify requirements under AU-C section 703 to enhance the accuracy and reliability of audits, auditors