EBP audits & peer review - Part I: Bold actions & reactions

In 2015, the Department of Labor’s Employee Benefit Security Administration (EBSA) issued a report titled, Assessing the Quality of Employee Benefit Plan Audits (audit study). One of the findings of that audit study was that the accounting profession’s peer review and practice monitoring efforts have not resulted in improved audit quality or in identifying deficient audit engagements (page 13, emphasis in the original omitted). In the aftermath of the EBSA audit study report, the Peer Review Board (PRB) has continued