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$3 Trillion at Risk Due to Availability of Limited Scope Audits Under ERISA, Says DOL Inspector General
Forbes; subscription may be required
Oct. 4, 2012
"For 2010, the most recent complete year available, about 84,000 plans filed audited financial statements with EBSA, representing 93 million participants and $5.7 trillion in assets, according to the OIG. The trouble is the percentage of plans electing limited scope audits has grown from about 46% in 1987 to approximately 70% in 2010. The reported value of assets excluded from plan audits has similarly grown from about $520 billion (43%) in 1989 to $3.3 trillion (58%) in 2010."
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