Audits of employee benefit plans have been notoriously problematic in recent years.
We wrote about the troublingly high number of Maryland deficiencies back in 2008, and in the years since state CPA societies have joined regulators and the AICPA in ramping up efforts to properly train auditors. And that's good.
Still, a little more knowledge can't hurt.
In that spirit, let's run down the most frequent violations of professional standards in employee benefit plan investigations, courtesy of the AICPA Professional Ethics Division's Technical Standards Subcommittee. This list is current as of Nov. 17, 2010. (Special thanks to the MACPA's Mary Beth Halpern for passing this list along.)
General audit deficiencies
Errors in DOL required schedules
Errors in the auditor's report
Disclosure errors and omissions
Learn more at the 2011 Employee Benefit Plan Audit ConferenceLearn how to improve audit effectiveness and quality in employee benefit audits under the U.S. Department of Labor at the MACPA's second annual Employee Benefit Plan Audit Conference, scheduled for May 10 in Columbia. Get details and register here.
And don't miss these related learning opportunities: