DOL Report On Quality of Plan Audits

The DOL has released a report on Assessing the Quality of Employee Benefit Plan Audits.

Document Excerpt

Overall, EBSA’s review found that 61% of the audits fully complied with professional auditing standards or had only minor deficiencies under professional standards. However, 39% of the audits (nearly 4 out of 10) contained major deficiencies with respect to one or more relevant GAAS requirements which would lead to rejection of a Form 5500 filing, putting $653 billion and 22.5 million plan participants and beneficiaries at risk. These figures reflect increases in the amount of plan assets and number of plan participants at risk compared with prior EBSA studies.

 

Link

http://www.dol.gov/ebsa/pdf/2014AuditReport.pdf

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