Audits of Employee Benefit Plans
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The U.S. Department of Labor is currently focusing on audits of employee benefit plans. This can be a high risk area, and you need to make sure that compliance is top on your priority list. Employee benefit plan audits include pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL).
Who is Affected?
Anyone who is involved in the selection, administration and audit of a company's employee benefit plans. Not only are all practitioners who perform audits affected, but plan sponsors and plan administrators fall under scrutiny as well. There are penalties for benefit plan administrators who are not properly selecting or supervising the audits.
How the MACPA Can Help
The MACPA is offering the right education at the right time to support your audit compliance and application of standards. Do not wait! Get the education you need before the DOL knocks on your door.
Ian Dingwall, Chief Accountant of the Employee Benefits Security Administration of the U.S. Department of Labor, will be presenting at the MACPA’s Audits of Employee Benefit Plans Forum on June 11, 2008 (space is limited). Join Ian to hear about expected standards of conduct imposed on auditors, plan sponsors and administrators alike. You will not leave this forum as the same auditor you were when you walked in.
If you cannot attend the Forum, Ian will also be hosting a Webinar: Think and Prepare Before You Audit---The Wake Up Call for Plan Auditors on June 11, 2008.
AICPA Resources
To help CPAs meet the challenges of performing quality audits in this unique and complex area, the AICPA has established the Employee Benefit Plan Audit Quality Center, a firm-based voluntary membership center for firms that audit employee benefit plans.
