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How to hire an employee benefit plan auditor

by Ken Tysiac | Dec 04, 2014   ()

Audits of employee benefit plan (EBP) financial statements are an important public service in which quality performance is essential.

But studies by the U.S. Department of Labor (DOL) have found significant deficiencies in some of these plan audits, and stepped-up enforcement of the audit requirement carries risks for plan administrators.

The DOL has the right to reject plan filings and assess penalties of up to $1,100 a day, without limit, on plan administrators with deficient filings.

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Source: Journal of Accountancy

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