DOL Email Urges Benefit Plan Administrators to Choose Quality Auditors – November 18, 2015 by Pam Dunlap

The Department of Labor (DOL) emailed letters on November 16, 2015, to all plan administrators who are required to have an annual audit of their employee benefit plan(s). While no action is required, it does contain important information.

The email, “A Message from the U.S. Dept of Labor – The Importance of a Quality Benefit Plan Audit” sent by “PlanForAuditQuality – EBSA” stresses the importance of receiving a quality audit from an experienced CPA firm. It reminds administrators to look for qualifications such as number of employee benefit plans audited annually (including types of plans), specific annual training, any prior DOL findings or referrals, etc. when evaluating CPAs for the job.

For instance, Cohen & Company’s Employee Benefit Plan Group of 20 professionals audits approximately 90 plans per year and works with numerous third-party administrators. We participate in the annual AICPA National Conference on Employee Benefit Plans and hold annual training specifically for updating all team members on new technical guidance, best practices, and new rules and regulations. We also conduct several team meetings during the benefit plan audit season, and as a firm we are a member of the AICPA Employee Benefit Plan Audit Quality Center.

These types of qualifications are important to provide a quality audit. If you have any questions regarding the letter or your upcoming benefit plan audit, please don’t hesitate to contact us.

We want to hear from you! We encourage you to comment below on this blog post, share it on social media or contact Pam Dunlap at pdunlap@cohencpa.comor a member of your service team for further discussion.