DOL regulations include specific requirements a certification must meet to allow the plan administrator to elect an ERISA Section 103(a)(3)(C) audit. Certifications provided by custodians do not always meet those requirements. This EBPAQC tool helps plan administrators understand their responsibilities for determining the acceptability of an ERISA Section 103(a)(3)(C) audit certification. It also helps auditors understand their responsibilities under AU-C section 703 related to the certification.
This resource includes:
Examples of common deficiencies in ERISA Section 103(a)(3)(C) audit certifications to