Sloppy Benefit Plan Audits Putting Employers at Risk

CFO.com

Up until recently, employee benefit plan audits were a routine matter for CFOs — something you had to have done each year to comply with the Employee Retirement Income Security Act, but nothing to worry about overmuch. Well, not anymore. With the quality of those audits reportedly on a decade-long decline, faulty audits of employer-sponsored retirement and health-care benefit plans represent “one of the biggest risks to CFOs and companies that is not mentioned out there,” says Adam S. Lilling, a partner of Lilling & Company, a firm that specializes in auditing employee benefit plans.