Did you know that a recent study by the DOL found some serious problems with nearly 40% of employee benefit plan audits, due to substandard audit work?
If you have 100 or more participants in your employee benefit plan then you are required by law to have an annual audit of your plan. Part of a plan sponsors fiduciary responsibility is to select a quality auditor that complies with requirements set forth by ERISA and the DOL.
Substandard audit work can:
- be costly to plan administrators and sponsors
- jeopardize plan assets
- result in significant civil penalties
If you are in the process of selecting an audit firm, or to determine if there may be red flags on your last audit, there are questions you should be asking your auditor to ensure you are receiving a quality audit.