Nova 401(k) Associates
Nicholas Pension Consultants
Compensation Strategies Group, Ltd.
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|FINRec vs. the DOL/IRS: Auditors vs. 5500 Preparers|
Belfint Lyons Shuman
July 15, 2021
"Auditors are subject to their own regulatory framework for financial reporting, which unfortunately, is not consistent with the 5500 instructions.... When Generally Accepted Accounting Principles (GAAP) do not agree with the DOL/IRS 5500 reporting requirements, the auditor has many options other than insisting that the 5500 preparer ignore the 5500 instructions."
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