New EBSA Report Finds Deficiencies in Audit Quality
* These fields are required.
While the report proposes enforcement and legislation that would impact auditors, plan sponsors need to focus on how the study affects them. Because the hiring of plan auditors is a fiduciary function, plan sponsors are at risk if a quality audit is not performed. Deficient audits can result in the rejection of Form 5500 filings and the imposition of penalties of up to $1,100 per day without limit. This makes it imperative that plan sponsors carefully evaluate the qualifications of their plan auditors.
Download the full report | EBSA news release
Richard Baker is available to you to discuss any matters of concern or questions that you might have regarding your employee benefit plan.
The content on this website is intended for general informational purposes only and cannot be construed as advice or opinion provided by Shea Labagh Dobberstein CPAs, Inc. It is quite possible that the information provided here, while seemingly applicable to your financial situation, is in fact not applicable given your particular circumstances. Any guidance was applicable at the time of publication and may have been superseded by subsequent events and/or legislation. It is strongly advised that you contact an independent advisor before acting on any information presented.