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DOL Audit Quality Study: Employee Benefit Plan Auditors Are Not Making the Grade
Belfint Lyons & Shuman, CPAs
May 27, 2015 "[The DOL recently] compared auditing retirement plans to brain surgery.... [after releasing] a report from a study that the agency conducted on the quality of retirement plan audits. The results are not favorable. As one would expect, the number of deficiencies the DOL noted show a direct correlation to the size of a firm's employee benefit practice. It appears that many general accounting practitioners are performing these audits and do not have adequate experience or knowledge to perform sufficient audits under the professional standards." MORE >> |
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