In May 2015, the U.S. Department of Labor (DOL) released the results of their most recent assessment of the quality of audits being performed for employee benefit plans under requirements of the Employee Retirement Income Security Act of 1974 (ERISA). In the report of results, the DOL reported high levels of concern about the audit quality of employee benefit plans evaluated in the study as well as the CPAs who perform them.
A recent report released by the Department of Labor (DOL) shows their high level of concern about the audit quality of employee benefit plans. The report’s findings should raise concern for participants, plan sponsors and trustees as well.