Feds say employee benefit plan audits fall short

Long Island Business News

Audits of employee benefit plans by accounting firms that do only a handful of them annually are far more likely to be substandard than those done by firms that focus on these plans. “There are many unique things you need to test that, if you don’t specialize, you won’t know how to do or won’t do right,” said Adam Lilling, a partner at Lilling & Co. in Great Neck, who chairs the New York State Society of Certified Public Accountants’ employee benefits committee.