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Describe the other procedures the auditor should perform

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Reference no: EM133296019

Jones Accounting, LLP has been engaged to perform a separate audit of the financial statements of Sloan Manufacturing's Employee Pension Plan to comply with Department of Labor requirements. Sloan outsources all the record-keeping and accounting for this retirement plan to Fidelity investments. Sloan then uses the monthly statements provided by Fidelity to prepare the Pension Plan's separate financial statements. The Jones Accounting, LLP engagement team plans to obtain copies of the Fidelity monthly statements from Sloan management in order to test the amounts included in the Pension Plan's financial statements. Evaluate the engagement team's plan for testing the financial statement amounts. If this procedure will provide sufficient and appropriate evidence, explain why that is true. If not, describe the other procedures the auditor should perform. According to US GAAP and PCAOB is this audit evidence enough or what more should auditor do?

Reference no: EM133296019

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