What's new - OnPoint EBP 2022

Updated for recently issued guidance and standards

Content and guidance have been updated to incorporate recently issued guidance and authoritative standards. Revisions have been made for the issuance of Statement on Auditing Standards (SAS) No. 142, Audit Evidence, as well as for the AICPA Audit and Accounting Guide, Employee Benefit Plans (Updated as of August 1, 2021).

Revised sampling templates

The sampling templates have been updated to clarify the order of certain of the calculations for determining sample sizes and to align the threshold for determining individually significant items (ISIs) with the sampling methodology in the Dynamic Audit Solution.

Note: The revisions to the order of the calculations had no effect on the calculated sample sizes and were made to facilitate understanding of the underlying calculations in response to user feedback.

Enhanced preliminary and final analytical ratios

The key ratios included in the Preliminary and final analytics document have been revised for clarity and functionality. Updated ratios include those for percent return on investments and expenses as a percentage of total investments.

Expanded contribution timeliness testing template

Added a column to allow for the analysis of the number of business days between the pay date and the date the funds were transmitted to the trustee.