"Despite EBSA's significant efforts to improve oversight and audit quality, protections and assurances have decreased over time for participants and beneficiaries.... The percentage of plans electing limited scope audits has grown from about 46 percent in 1987 to approximately 70 percent in 2010.... While the use of limited scope audits is a major obstacle in providing audit protections for plan participants, EBSA could have done more within the existing law to improve audit quality.... We recommended the Assistant Secretary for Employee Benefits Security continue to seek repeal of the limited scope audit exemption and obtain authority over plan auditors. We also recommended that in the interim, EBSA: (1) use existing authority to clarify and strengthen limited scope audit regulations and evaluate the ERISA Council recommendations, (2) make better use of available enforcement tools over IQPAs, (3) improve procedures in audit quality reviews, and (4) perform a reassessment of audit quality."  MORE >>