DOL Finds Major Deficiencies in Employee Benefit Plan Audits

DOL report points out deficiencies in employee benefit plan audits

The DOL's Employee Benefits Security Administration (EBSA) found that 70% of audits fully complied with auditing standards or had minor deficiencies.

DOL Report Highlights Deficiencies in Employee Benefit Plan Audits

While the DOL conducts comprehensive statistical audit quality studies at intervals of several years, it is crucial to recognize their ongoing ...

DOL Report Highlights Deficiencies in Employee Benefit Plan Audits

While 70% of audits reviewed fully adhered to auditing standards or encountered only minor issues, 30% were marred by deficiencies. Though this ...

DOL Finds Major Deficiencies in Employee Benefit Plan Audits - KLR

Through the study, the DOL discovered that firms performing 5 or fewer of these specialized employee benefit plan audits per year had ...

New DOL Audit Quality Study Shows EBP Audit Experience Matters

A new study found firms performing at least 100 employee benefit plan (EBP) audits annually had the lowest major deficiency rate.

EBP audit deficiencies found by DOL | Resources | AICPA & CIMA

This EBPAQC tool summarizing the frequent deficiencies noted by the DOL in its review of 400 ERISA plan audits to assist members in avoiding these pitfall…

Major deficiencies found in 30% of benefit plan audits

Almost a third (30%) of employee benefit plan audits have major deficiencies, according to a recent report from the Department of Labor.

Federal Report Notes Benefit Plan Audit Deficiencies

The report, entitled “Assessing the Quality of Employee Benefit Plan Audits,” found the most deficiencies came from CPAs who audit just a few ...

DOL Audit Quality Study - U.S. Department of Labor

... deficiency rate for plan audits, which is a statistically significant improvement in the overall quality of employee benefit plan audits. We ...

DOL Releases 2023 Employee Benefit Plan Audit Quality Study

In its latest audit quality study released in November 2023, the Department of Labor ( DOL ) Employee Benefits Security Administration ( EBSA ) continued to ...

DOL Audit Results: What You Need to Know | Moore Colson

The audit quality study continues to find a clear link between the number of employee benefit plan audits a firm performs and the quality of the ...

DOL EBP Audit Quality Report Findings - Forvis Mazars

The study found 70% of the audits performed by firms that only perform one or two ERISA plan audits each year had major deficiencies. Firms that ...

Assessing the Quality of Employee Benefit Plan Audits

with the largest employee benefit plan audit practices had the lowest deficiency rate in the various audit ... audit deficiencies found in. EBSA's audit ...

DOL's Employee Benefits Audit Quality Study: 5 key takeaways

Of the 307 plan audits reviewed, 30% contained major deficiencies with respect to one or more relevant generally accepted auditing standards ...

Pick the Right Auditor to Prevent Benefit Plan Audit Deficiencies

According to a recent DOL Audit Quality Study, hundreds of plan audits had major (five or more) deficiencies impacting nearly 12 million ...

New DOL Audit Quality Study for Employee Benefit Plans Released

This year's audit quality study shows a 30 percent overall deficiency rate for plan audits, which is a statistically significant improvement in ...

Benefit Plan Audits: No Longer Routine - Lilling & Company LLP

After 45 days, major deficiencies in employee benefit plan audits start costing employers. ... If the Labor Department finds the audit deficient ...

DOL's Employee Benefits Audit Quality Study: 5 Key Takeaways

Of the 307 plan audits reviewed, 30% contained major deficiencies with respect to one or more relevant generally accepted auditing standards ...

Study Highlights Persistent Issues with Plan Audit Quality

The DOL reviewed Form 5500s, related audit reports, and work papers for 2020 filings. That year was chosen because it was before SAS 136 was ...

Lessons Learned from the Department of Labor Audit Quality Study

The most deficiencies were found in audit areas that are more unique to employee benefit plan audits, such as participant data testing ...