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EBPAQC tools that address 2023 DOL audit quality study deficiencies

Aug 20, 2024 · 114.9 KB Download

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The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) report, Audit Quality Study, November 2023 (Report), detailed deficiencies in the quality of audit work performed by independent CPAs with respect to financial statement audits of ERISA employee benefit plans for the 2020 filing year.

The audit areas with more frequent deficiencies were in areas unique to EBP auditing, including testing contributions, benefit payments, participant data, and party-in-interest/prohibited transactions.

The EBPAQC has a number of existing tools that address many of the deficiencies identified in the Report, including:

  • Audit planning

  • Consideration of timeliness of remittances

  • Compliance with the plan document

  • Parties in interest and prohibited transactions

  • Review of plan documents, operations, contracts, and agreements

  • Fraud

  • Reliance on SOC 1 reports

  • Compliance with laws and regulations

  • ERISA Section 103(a)(3)(C) audits

  • Using the work of a management or auditor specialist

  • Other identified deficiencies

This tool provides a complete listing of these tools and resources as well as a brief description of and link to each.

Download the EBPAQC tools that address 2023 DOL audit quality study deficiencies

File name: ebpaqc-tools-that-address-2023-dol-audit-quality-study-deficiencies.pdf

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