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Valuing Retirement Plan Investments: The Roles of Plan Sponsors, Record Keepers, Investment Providers & Auditors (PDF)
SPARK Institute Link to more items from this source
[Guidance Overview]
Aug. 12, 2009
11 pages. Excerpt: If you are going through a retirement plan audit, the difficulties of valuing plan investments under Statement of Financial Accounting Standards 157 ('FAS 157' or the 'Standard') have probably become all too apparent to you. There are practical difficulties for just about everyone involved, including plan sponsors, record keepers, investment providers and auditors, even though volumes have been written about the technicalities of FAS 157. The vast majority of the problems stem from each of the parties having differing views of their roles and responsibilities and uncertainty regarding how the Standards apply to retirement plan investments. This white paper: 1. identifies the most significant practical problems; 2. reviews the Standard and guidance that relates to retirement plan investments; and 3. summarizes the general roles and responsibilities and what can reasonably be expected from retirement plan record keepers with respect to FAS 157 in the audit process.

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