DOL Tips for Selecting and Monitoring ERISA Plan Auditors

February 2, 2016

A recent notice from the US Department of Labor (DOL) alarmed some plan administers. Plans that received such a notice are not under investigation or enforcement action. These notices do not require any action and they do not indicate that a plan is at special risk of an investigation or enforcement action. Rather, these notices are part of the DOL’s ongoing efforts to improve audit quality.

            The DOL encourages Plan Administrators to consider the following factors when selecting an auditor:

  • The number of employee benefit plans the CPA audits each year, including the type of plans;

  • The extent of specific annual training the CPA receives in audit planning;

  • The status of the CPA’s license with the applicable state board of accountancy;

  • Whether the CPA has been the subject of any prior DOL findings or referrals, or has been referred to a state board of accountancy or the American Institute of CPA’s for investigation; and

  • Whether or not the CPA’s benefit plan audit work has been recently peer reviewed by another CPA and, if so, whether the review resulted in negative findings.

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