The DOL has begun to communicate to Plan administrators via e-mail that selecting a qualified CPA who has the expertise to perform an audit in accordance with professional auditing standards is a critical responsibility in safeguarding plan’s assets and ensuring compliance with ERISA’s reporting and fiduciary requirements. Read More
The AICPA Employee Benefit Plan Audit Quality Center recently released the following to its members: The AICPA Employee Benefit Plans Expert Panel consists of volunteers whose primary role is to identify emerging EBP accounting and auditing issues, recommend appropriate action in addressing the issues, assist in developing AICPA EBP resources, and provide technical support to
As we had previously reported, the Office of the Chief Accountant (OCA), Employee Benefits Security Administration (EBSA), U.S. Department of Labor (DOL), has recently completed an assessment of the quality of audit work performed by independent qualified public accountants (IQPAs) with respect to financial statement audits of employee benefit plans covered under the Employee Retirement
The AICPA Employee Benefit Plan Audit Quality Center just released its sixth Plan Advisory, EBPAQC-Importance-of-Hiring-Plan-Advisory, which is intended to provide plan sponsors, plan administrators, and trustees with an understanding of the importance of hiring a quality auditor to perform their employee benefit plan financial statement audit, and information to help them select a quality auditor.
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