AICPA Releases Auditing Interpretations on GASB Pension Standards

The American Institute of CPAs’ Auditing Standards Board has issued two new auditing interpretations in response to the Governmental Accounting Standards Board’s new pension reporting standards.

The new GASB pension standards raise a number of accounting and auditing issues related to governmental multiple-employer pension plans and the government employers that participate in them.

The Auditing Standards Board’s new auditing interpretations pertain to the following sections of SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended: Section 500, Audit Evidence; and Section 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement (AICPA Professional Standards).

The interpretations aim to help both plan and employer auditors who are auditing entities that participate in agent multiple-employer plans and implementing the new accounting standards.

The interpretations, along with a recent white paper related to agent plans issued by the AICPA State and Local Governments Expert Panel, are available on the GASB Matters section of the AICPA's Governmental Audit Quality Center site.