The American Institute of Certified Public Accountants (AICPA) issued a new audit standard for employee benefit plans in July 2019. The new standard is commonly referred to as SAS 136 but its official name is Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.
Although SAS 136 imposes new duties on auditors, employee benefit plan sponsors also have increased responsibilities under this new standard.
