Scheduling Form Guidance

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Firms that do not perform any engagements under the SASs, Government Auditing Standards, or any examinations of prospective financial statements under the SSAEs, may have an engagement review.

Changes have been made to the Scheduling Form to more clearly identify high-risk industries and address the concerns of firms and reviewers related to the approval process. If your firm is having a system review, please note that questions 15 and 16 should be marked for ALL areas in which your firm practices. Your reviewer is required to have experience in these areas. Question 16 includes two sections and should be carefully completed to ensure proper qualifications of the review team. Box 1 should include all industries in which your firm performs audits and Box 2 should be checked for any industries in which over ten percent of the firm’s auditing (only) practice hours (non-SEC issuers only) are concentrated. If your firm does not/will not have any industries comprising 10% or more of the firm’s (non-SEC issuer) auditing hours during the peer review year, check the second box for the industries of the firm’s three largest (non-SEC issuer) audit clients. The information below provides some useful code details.

Code 380 – Defined Contribution Plans – (Full and Limited Scope) would include the following pension plans:

401(k) plans
Thrift Savings plans
ESOPs Money Purchase plans
Stock Bonus plans
Profit sharing plans

Code 383 – Defined Contribution Plans – (Full and Limited Scope) (403(b) plans only)

This code is high risk and mandatory and appears in the high risk audit/exam shuttle.

Code 390 – Defined Benefit Plans (Full and Limited Scope) would include the following pension plans:

Traditional plans
Cash balance plans

Code 400 – ERISA Health & Welfare Plans would include the following:

Defined contribution (health & welfare plans
Defined benefit (health & welfare) plans

Code 403 – ESOP Plans
Code 405 – "Other ERISA Plans" should rarely be used

A multiemployer plan is a plan format & not a plan type. A multiemployer plan can be either a defined contribution plan, a defined benefit plan or a health & welfare plan.

Code 440 (new) – Carrying Broker-Dealers

This code is high-risk and mandatory and appears in the high risk exam/audit shuttle.

Code 450 (new) – Non-Carrying Broker-Dealers

This code appears in the audit/exam industry shuttle and 10% audit/exam industry shuttle.