JICPA issues a pronouncement in relation to the auditing of the statements including the accounting treatments for lost plan assets
April 19, 2012
JICPA issued, on March 22, 2012, the Professional Standards and Services Pronouncement No.1, "Considerations in the Audit of the Statements involving Accounting Treatments for Lost Plan Assets."
This pronouncement has been issued, in response to the recently reported loss of the plan assets of several pension plans, who had invested funds with a reported investment advisors company. The pronouncement includes matters to be noted by the auditors when dealing with this issue of lost plan assets in their audits of financial statements.