The American Institute of CPAs has proposed a new standard for auditing the financial statements of employee benefit plans, after the Department of Labor released a report criticizing the quality of ERISA plan audits.

The AICPA’s Auditing Standards Board issued an exposure draft for the proposed standard Thursday. Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, would specifically address audits of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, or ERISA for short.

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