EMPLOYEE benefits; AUDITING; AUDITING standards; ACCOUNTANTS; ECONOMIC decision making; ACCOUNTING standards; FINANCIAL statements

The article explores when a certified public accountant (CPA) conducts the annual audit of an employee benefit plan's financial statements, the CPA is required by the American Institute of Certified Public Accountants (AICPA) to follow ten generally accepted auditing standards. Due in part to the COVID-19 pandemic, AICPA delayed implementation of these new audit standards until plan years ending on or after December 15, 2021, although CPA firms are allowed to adopt these changes earlier.