Certain defined contribution plans are required to register and report to the U.S. Securities and Exchange Commission (SEC) on Form 11-K in addition to filing with the U.S Department of Labor. Those DC plans in which the plan sponsor gives its employees the option to contribute, on a voluntary basis, their own funds to the plan knowing that such contributions may or will be used to acquire employee securities are subject to the requirements of the Securities Exchange Act of 1933 (1933 Act). These requirements mandate plan registration with the SEC, typically utilizing Form S-8 for plan securities, and subject the plan to the requirements of annual reporting on Form 11-K under the Securities Exchange Act of 1934 (1934 Act). This resource center provides tools and resources for auditors of plans that file form 11-K with the SEC.
Regulatory Links:
This link directs you to the Form 11-k and related instructions that plans use to file with the SEC
When a public accounting firm is engaged to perform an audit of an employee benefit plan that files a Form 11-K, the firm must be registered with the PCAOB and perform the audit in accordance with PCAOB standards (in addition to complying with GAAS for ERISA/DOL reporting purposes.) The PCAOB website includes registration information and PCAOB auditing standards.
Center Tools:
The AICPA Employee Benefit Plan Audit Quality Center has prepared this document to provide members with a handy reference for identifying and understanding the various filing requirements and regulations for plans that file on Form 11-K with the SEC. It should be used for reference purposes only.
- Auditors of plans that file a Form 11-K must comply with the SEC, DOL, and AICPA independence rules. Click on the links below to see a quick independence rule comparison between the three organizations:
AICPA and SEC Independence Rules Comparison
AICPA and DOL Independence Rules Comparison
Engagement letters for Form 11-K audits that will be filed with the SEC must include a reference to the PCAOB auditing standards and must not reference generally accepted auditing standards (GAAS).
This excerpt from the Employee Benefit Plans Industry Developments- Audit Risk Alert 2007 discusses Form 8-K requirements, preapproval of EBP audits, auditing following two sets of standards, PCAOB standards and amendments, and other relevant topics
Archived Center Conference Calls:
- In March 2008, the Center sponsored their fourth annual 11-K Audits Live Forum, which the call presenters discussed the PCAOB registration process, first year audit requirements, reporting requirements, an investment update, auditor independence update and new PCAOB regulations and inspection process.
Listen to the archived call in streaming audio
Click here to download an MP3 version of the audio file for uploading to a portable MP3 player
Download PowerPoint Presentation
- In March 2007, the Center sponsored their third annual 11-K Audits Live Forum, which the call presenters discussed an overview of the SEC regulations related to Form 11-K audits, the FASB's FSP on stable value investments, independence matters specific to 11-K audits and and specific auditing issues to 11-K filings.
Listen to the archived call in streaming audio
Click here to download an MP3 version of the audio file for uploading to a portable MP3 player.
Download PowerPoint Presentation