In July 2019, the AICPA Auditing Standards Board issued as a final standard, Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS No. 136 prescribes certain new performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the related auditors report. It is not for plans that are not subject to ERISA. Codified in new AU-C section 703 of AICPA Professional Standards, this standard is the foundational section that addresses the auditors responsibility to form an opinion on the ERISA plan financial statements and prescribes the form and content of the auditors report for ERISA plan audits. This course will address changes brought on by SAS No. 136. Specifically, the course looks at requirements for engagement acceptance, audit risk assessment and response, including the auditors consideration of relevant plan provisions, communications of reportable findings with those charged with governance, the auditors responsibilities relating to the ERISA-required supplemental schedules and the Form 5500 and the form and content of the related auditors report. Highlights Recent reporting standards issued. The overall requirements for AU-C section 703. Forming and opinion on the ERISA plan financial statements. Considerations relating to Form 5500 filings. Auditors reports. Special considerations when performing an ERISA Section 103(1)(3)(C) audit. Prerequisites None. Designed For Objectives Identify the concepts contained in recently released standards that have changed the auditors reporting process. Recall the scope, objectives, and auditors requirements of AU-C section 703, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, with respect to non-Section 103(a)(3)(C) plan audits. Identify the requirements for forming an opinion on the ERISA plan financial statements and the form and content of the auditors report. Recall the audit considerations relating to the auditors responsibilities for an entitys Form 5500 filing. Identify the special considerations regarding the scope, objectives and auditors requirements with respect to an ERISA Section 103(a)(3)(C).audit, including forming an opinion and the form and content of the ERISA Section 103(a)(3)(C) auditors report.