A recent
study
conducted by the U.S. Department of Labor’s Employee Benefits Security Administration shows a high rate of audit deficiencies in employee benefit plan audits, especially for those auditors who conduct only one to five of these audits a year. The high rate of audit deficiencies
documented
in this study are unacceptable and do not reflect the core tenets that the CPA profession holds dear: accuracy, transparency and accountability.
The New York State Society of CPAs is committed to working with the DOL, AICPA and the New York State Board for Public Accountancy to develop educational and practice monitoring solutions that result in significant improvement to employee benefit plan audits.
