AICPA Plan Advisory on Limited Scope Audits

The AICPA Employee Benefit Plan Audit Quality Center (of which we are members) has issued its seventh Plan Advisory, Limited Scope Audits of Employee Benefit Plans, which is intended to provide plan sponsors, plan administrators, and trustees with an understanding of limited scope audits of their employee benefit plans. The advisory describes the statutory and regulatory basis for the limited scope audit exemption, which institutions are qualified to issue a limited scope certification, what constitutes a proper certification from a qualified institution, the plan administrator’s responsibilities for determining the acceptability of a limited scope certification, the auditor’s responsibilities for determining whether a certification can be relied upon to limit the scope of the audit, the limited scope audit in the current environment, the effect of the limited scope audit exemption on the scope of the independent auditor’s testing and reporting, and common deficiencies in limited scope certifications. It also includes an example limited scope certification. Click here to read or download the advisory.

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