If you have 100 or more participants in your employee benefit plan then you are required by law to have an annual audit of your plan. Part of a plan sponsors fiduciary responsibility is to select a quality auditor that complies with requirements set forth by ERISA and the DOL.
Did you know that a recent study by the DOL found some serious problems with nearly 40% of employee benefit plan audits, due to substandard audit work?
Substandard audit work can:
If you are in the process of selecting an audit firm, or to determine if there may be red flags on your last audit, there are questions you should be asking your auditor to ensure you are receiving a quality audit.