Performing an independent audit of your retirement plan can help provide assurance to plan participants that their records are being handled properly, and measures the adequacy and efficacy of the plan's internal controls. For qualifying plans, ERISA provides an option for a limited scope audit, which enables the auditor to rely on investment information certified by certain banks or insurance carriers. However, a 2010 study by the Department of Labor showed that there are significant misunderstandings about the use of limited scope audits.
In this webinar, we'll compare the differences between a full scope audit and a limited scope audit, and highlight the major aspects diligent plan sponsors need to consider to provide the necessary protections for their plan participants.
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