For more than 20 years, the Department of Labor (DOL) has been reviewing and regulating Employee Benefit Plan (EBP) audits. And for just as long, they have found that a significant number of these audits do not meet the DOL requirements. Due to continued findings of the ongoing quality review programs, the DOL continues to increase regulation of EBP audits.
Now more than ever, plans with more than 100 participants must make the important decision of choosing the right accounting firm to perform their employee benefit plan audit. With regular changes in the rules and filing requirements, it is imperative companies choose an auditor who specializes in employee benefit plans. Otherwise it could be troublesome, or in the worst cases, costly.
Published on April 01, 2015