EBP audit deficiencies found by DOL
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EBP audit deficiencies found by DOL

3 years ago · 168.4 KB Download

The EBPAQC prepared this summary of deficiencies noted by the DOL in its review of 400 audits to assist auditors in planning and performing employee benefit plan audits to avoid these pitfalls. It includes the more frequent (5 or more) deficiencies which DOL deemed the finding to be a “major deficiency” with respect to one or more relevant GAAS requirement (Source: U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) report, Assessing the Quality of Employee Benefit Plan Audits (May 2015)).

The tool provides descriptions of the “Unacceptable, Major” findings in the areas of:

  • Investments

  • Notes receivable

  • Contributions received and receivable

  • Participant data, including individual participant accounts

  • Plan obligations

  • Parties in interest/prohibited transactions

  • Plan tax status

  • Commitments and contingencies

  • Administrative expenses and subsequent events

  • Plan mergers and terminating plans

  • Plan representations

  • Compliance with GAAS and GAAP

  • Compliance with DOL rules and regulations for reporting and disclosure

Download the EBP audit deficiencies found by DOL

File name: dol-study-unacceptable-major-audit-deficiencies.pdf

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